Jamie Dimon calls Zohran Mamdani’s movement ‘more Marxist than socialist,’ but he’s offering his help: ‘Get involved and grow up’

“If he becomes mayor, so be it,” Damon said. luck Editor-in-Chief Alison Shontel. Without directly referring to any private conversations between the two, Damon wondered out loud: “What does he really believe? You know, he was part of that social democratic thing, which is literally more Marxist than socialist – and I read it – but I don’t know what he believes in that.” Damon added that Mamdani “talks to a lot of people, and he’s convinced a lot of people [that] It will change [and] He wants to learn.” Damon shrugged, saying he didn’t know if that was really the case. “You know, some people are just who they are, and they won’t change.”

Dimon, whose bank just unveiled a shiny new bet on New York City in the form of a new multibillion-dollar headquarters taking over midtown Manhattan, said he’s seen a lot of mayors come and go. “A lot of these people have never run something, and suddenly they’re running a huge bureaucracy” where people expect results on crime, sanitation, and even potholes. “These things are neither Democratic nor Republican,” and most mayors realize they have to achieve those results. In Mamdani’s case, he added, “I hope this case goes better, and New York survives,” adding in a shot at another liberal mayor whom Dimon previously claimed had never called once in eight years: “You know, we survived.” [Mayor] Bill de Blasio.”

“Capitalism has a lot to fix”

However, Damon said, although he believes New York is resilient, “it is strange to have a bastion of American capitalism with a socialist presence” that seems more likely to get elected, but he used the moment to reflect on what that says about the capitalist system itself. “Capitalism has a lot of things to fix,” he said, adding that he did not think everything about it worked. He touched on the idea of ​​free markets, including the hypothesis of efficient markets: “We have never had free markets, just like free markets, you need properly regulated systems and disclosures.” Just because many regulatory agencies are doing a good job, that doesn’t mean some regulations haven’t been overdone. To Dimon’s point, Mamdani’s appeal has so far proven broad among New Yorkers, but his base of so-called democratic socialists is young, influenced by millennials, and includes many members of a generation with a markedly less positive view of capitalism than their predecessors.

Despite ideological differences, Dimon pledged his support to Mamdani — or any mayor — in the challenge of governing New York. “If he becomes mayor, I will call him and offer to help,” Damon said. While he was constrained by regulatory restrictions limiting direct political involvement due to JPMorgan’s business dealings with the city, he remained adamant in his role as a civic partner. “We will help them. You know, I am a patriot. I help governors, mayors, presidents. We help people all over the world,” Damon said, noting that the larger mission is to serve the population regardless of political leadership.

Giant sucking sound

The JPMorgan CEO also spoke briefly about the national political landscape, saying that even “the most liberal Democratic chamber” would not say the government is well-run and efficient. “How many of you believe that if you gave Washington another trillion dollars, that you would be better off, that the poor would be better off?”

When pressed on the issue of President Trump’s tariff policy, Dimon demurred, saying he had to be very careful about details and discussing various legal precedents. He added that he thought the government struck a good deal when it controversially took a stake in MP Materials, which JPMorgan advised. “They signed a long-term contract, which is what these companies need to survive,” and it is “the sensible thing to do” for the government to see returns on their investment, for national security reasons. He declined to comment on a similar deal in which the government invested directly in Intel, with critics saying the government had never entered into a private venture of this size. He then took another shot at the politically loaded topic of DEI (diversity, equity, and inclusion) and the party he said had “big hearts and small brains,” namely the Democrats: “And remember, whatever you think about it, if the Democrats do this, it scares me. They’re going to dictate every social value system they believe in, and that is… we’re going to look like Europe in 10 years.”

Damon summed up his worldview by saying that he looks at her “a bit like that.” Realpolitik“, referring to the 19th-century German phrase for ‘realpolitik’, which emphasizes a pragmatic approach to politics and diplomacy that prioritizes practical considerations over ideological considerations. “Get involved and grow,” Dimon said. This is the goal we have reached.”

Recent polls indicate that Zahran Mamdani has maintained a strong lead in the New York City mayoral race, cementing his position as the preferred candidate for mayor despite challenges from rivals Andrew Cuomo and Curtis Sliwa. In the first mayoral debate of the general election, which took place days after Dimon’s interview, Mamdani’s performance helped reassure supporters and maintain his momentum, even though opponents remain strongly skeptical of his proposals and willingness to take office.