Wall Street leaders denounce Mayor Mamdani's new Business Advisory Council as a sham

New York City Mayor Zohran Mamdani’s recently announced Business Advisory Council has been slammed by Wall Street executives as a superficial and ineffective effort.

Mayor Zohran Mamdani unveiled a Business Advisory Council intended to gather advice from key sectors such as finance, tech and real estate, with names like former UBS Americas chief Robert Wolf, former Lazard head Antonio Weiss and Bank of America’s New York president Jose Tavarez mentioned as possible appointees. Wall Street reaction has been sharply negative, with a senior CEO calling the effort “probably a waste of time” and a lawyer labeling Wolf a “bag of air.”

Critics argue the council is a token gesture designed to solicit donations for the mayor’s initiatives, especially after Mamdani dismissed the entire advisory board of the Mayor’s Fund to Advance New York City. The mayor’s administration says the group will help shape an economic development strategy aimed at broader benefits for New Yorkers. Some insiders note that Wolf has not confirmed participation and that no formal invitations have been extended. The backlash includes remarks from high-profile business figures such as JPMorgan CEO Jamie Dimon and Citadel founder Ken Griffin, who have previously warned that the mayor’s tax-and-spend approach could drive firms away.