JPMorgan CEO Jamie Dimon shared insights from his meeting with NYC Mayor Zohran Mamdani.

Synopsis JPMorgan CEO Jamie Dimon shared insights from his meeting with NYC Mayor Zohran Mamdani, describing it as pleasant yet direct. Dimon urged against raising taxes and increasing spending, advocating for policy fixes instead. He also raised concerns about Mamdani's administrative experience and the potential for ideology to hinder practical governance, particularly regarding the proposed 'pied-a-terre' tax. JPMorgan Chase CEO Jamie Dimon has revealed new details about his recent face-to-face meeting with New York Mayor Zohran Mamdani, saying the conversation was “pleasant” but also direct. Speaking to Maria Bartiromo on Fox Business Network, the JPMorgan Chase chief said he made his views clear during the discussion. ALSO READ: “Why buy a Rs 30,000 AC?”: Man says his Rs 800 DIY roof trick cuts temperature by 15°C in 45°C heat “I feel like telling the politicians. Don’t try to raise more taxes or spend more money, sit down and fix policy," the veteran banker told Mamdani. “He was very polite. It was very earnest. We had a very good conversation, but I said everything I wanted to say,” Dimon, a Queens native who has led JPMorgan Chase for two decades, added. ALSO READ: Kiran Mazumdar-Shaw says India rejected her brewing career because she was a woman Discussed Household, Child Care Jamie Dimon added that the two discussed issues like affordable housing and child care. Live Events “I got to talk about affordable housing and child care. Most people want it. If you do it badly, it would be a disaster … Do it right. There are studies that can tell you how to do it right. Get people who know what they’re doing and implement proper policies.” The Wall Street mogul banker stressed that better governance matters more than simply increasing taxes or spending. “Good policy is free,” he said. Dimon Questions Mamdani’s Administrative Experience During the interview ahead of the Reagan National Economic Forum in Simi Valley, Dimon pointed to Mamdani’s limited administrative background. “He has never had a job” Dimon said, noting the scale of responsibility involved in running New York City. “I mean, he’s running the city with 300,000 employees now,” He also warned that some mayors fail because ideology overtakes practical decision-making. “And I’ve seen mayors who just, they fail abysmally because they can’t administer themselves out of a paper bag, or ideology blinds them to practical, realistic, real-world policy. And so we’ll see. And, you know, if I can help them do the good stuff, I’d be happy to do that.” Controversy Around Mamdani’s Tax Proposal Mamdani reportedly met separately on May 18 with Dimon and David Solomon in an effort to ease concerns over his proposed policies. One of the biggest flashpoints has been a proposed “pied-a-terre” tax targeting second homes worth $1 million or more. The controversy intensified after Mamdani filmed a promotional video outside a luxury penthouse linked to hedge fund billionaire Ken Griffin. Griffin later called the move “creepy” and announced plans to further expand Citadel operations in Florida instead of New York. He also hinted the firm could reconsider a planned $6 billion Park Avenue development. When asked about the video, Dimon said: “My guess is he probably regrets that,” before adding: “but you got to ask him that.” (You can now subscribe to our Economic Times WhatsApp channel) Wafers to war: Vinay Dube on how Iran crisis is hitting Akasa Stock-linked pay for UGRO promoter raises governance concerns Can a Rajan-style NRI dollar-deposit scheme save the rupee? How practical is India’s latest investor protection framework? Iran war impact: Oil prices may be just one among many to pinch you For those who still have patience for long-term investing: 5 large-caps from different sectors with upside potential of up to 30% 1 2 3

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