JPMorgan Chase CEO Jamie Dimon has taken aim at Zohran Mamdani, labeling him “more a Marxist than a socialist,” while criticizing Democrats for their focus on Diversity, Equity, and Inclusion (DEI) initiatives over pragmatic policies.
During an event in Dublin, Ireland, Dimon cautioned against supporting Mamdani, who recently won the Democratic primary for New York City mayor with proposals for a rent freeze, free public transportation, and city-operated grocery stores.
“This guy just got elected—he’s more of a Marxist than a socialist. Now you see Democrats scrambling to say, ‘Well, he’s highlighting real issues, like affordable housing and grocery prices,’” Dimon stated.
Mamdani, who defeated former Governor Andrew Cuomo, relies on what Dimon describes as “ideological mush that means nothing in the real world.” Dimon’s concerns echo those of Wall Street figures like billionaire investor Bill Ackman, who share apprehensions about a potential Marxist influence in city leadership.
In response to this rising concern, a group named “New Yorkers for a Better Future Mayor 25” is reportedly working to raise $20 million for an anti-Mamdani campaign, as reported by the Wall Street Journal.
Mamdani is attempting to mitigate backlash by planning to attend an event organized by the pro-business Partnership for New York City, which includes Dimon on its board. His campaign has not yet responded to inquiries for comment.
Dimon also criticized the left’s aggressive push for DEI policies, asserting, “They overdid it.” He remarked on the Democratic Party, saying, “I have a lot of friends who are Democrats, and they’re idiots. They have big hearts and little brains. They don’t grasp how the real world functions. Almost every policy rolled out has failed.”
Additionally, Dimon expressed discontent with former President Joe Biden, claiming he lacked proper business advisors and was “speechless about the lack of knowledge” in the previous administration.
While announcing cuts to spending on diversity initiatives, Dimon affirmed JPMorgan’s commitment to engaging with black, Hispanic, LGBTQ, and disabled communities. “We’re dedicated to outreach, but they need to be more practical and less ideological,” he concluded.
JPMorgan has refrained from commenting further on Dimon’s remarks.
