Wall Street Scoffs at Mamdani's New Business Council, Calls It 'Phony' And a 'Waste of Time'

New York City Mayor Zohran Mamdani's proposal to establish a Business Advisory Council is facing criticism from Wall Street figures who view it as a public relations move following months of contentious dealings with the financial sector.

The council would provide industry leaders a forum to advise the mayor on economic matters, according to City Hall. Those reportedly approached to participate include Robert Wolf, former chief executive of UBS Americas.

Several executives expressed skepticism about the initiative. One senior Wall Street executive called it "Phony. A pretend effort to fool reasonable people into thinking [Mamdani] is willing to be reasonable towards business." Another chief executive described it as "probably a waste of time." A Wall Street attorney was similarly critical of Wolf's involvement.

The backlash follows Mamdani's recent removal of the advisory board overseeing the Mayor's Fund to Advance New York City, which raises private-sector funding for city initiatives. The mayor replaced the established group of business leaders with a new approach that has drawn controversy.

Wolf rejected the criticism as "uninformed gossip," Saying "If Mamdani or anyone else asks for my advice on how to make New York city thrive, I would raise my hand if they were Democrat or Republican." He did not confirm whether he had agreed to serve on the council.

Someone familiar with discussions noted there has been "no formal ask or acceptance" Involving any reported names under consideration.

Bloomberg reported that invitations have also been extended to former Lazard global investment banking chief Antonio Weiss and Bank of America New York City President Jose Tavarez. The council would advise on finance, technology, and real estate issues.

A City Hall spokesperson stated: "The administration is in the process of reaching out to business executives to form a Business Advisory Council. The purpose of the council is to engage with business leaders for their insights and input as we build an economic development strategy that improves life for all New Yorkers."

Since taking office, Mamdani has clashed with prominent business leaders including JPMorgan Chase CEO Jamie Dimon and Citadel founder Ken Griffin, who became the subject of a political video in which the mayor stood outside his Manhattan residence while promoting higher taxes on second homes.

Mamdani's removal of the Mayor's Fund board eliminated several well-known business figures. The mayor has also restructured the city's Economic Development Corporation to prioritize economic justice and housing affordability with the goal of narrowing the wealth gap and expanding opportunities for lower-income New Yorkers.