JPMorgan Chase CEO Jamie Dimon slammed Zohran Mamdani as “more a Marxist than a socialist” — and likewise lashed out at “idiots” within the Democratic Celebration who targeted an excessive amount of on DEI and never sufficient on real-world insurance policies.
The top of the nation’s largest financial institution warned towards voting for Mamdani, who gained the Democratic main for New York Metropolis mayor whereas pushing for a lease freeze, free buses and city-owned grocery shops.
“This guy just got elected – he’s more of a Marxist than a socialist, and now you see these Democrats falling all over themselves saying, ‘Well, he’s pointing out some real problems, affordable housing and grocery prices,’” Dimon stated Thursday throughout an occasion in Dublin, Eire.
Mamdani, who handily defeated former Gov. Andrew Cuomo final month, depends on “the same ideological mush that means nothing in the real world,” Dimon argued.
Dimon’s disdain for Mamdani’s emergence as a possible front-runner to win Metropolis Corridor echoed that of billionaire investor Invoice Ackman and different Wall Avenue titans.
The panic over a Marxist takeover has led to the formation of a bunch known as “New Yorkers for a Better Future Mayor 25,” which is dashing to lift $20 million to fund an anti-Mamdani marketing campaign, the Wall Avenue Journal reported Thursday.
Mamdani is trying to squash a few of the outrage with plans to attend an occasion hosted by pro-business group Partnership for New York Metropolis – whose board consists of Dimon.
Mamdani’s marketing campaign didn’t instantly reply to The Submit’s request for remark.
Dimon additionally had harsh phrases for the left’s full-fledged push on controversial Variety, Fairness and Inclusion insurance policies, arguing “they overdid” on the occasion hosted by the Division of Overseas Affairs.
“I have a lot of friends who are Democrats, and they’re idiots,” he stated.
“I always say they have big hearts and little brains. They do not understand how the real world works. Almost every single policy rolled out failed.”
America’s prime banker additionally took intention at former President Joe Biden for not having “one business person” advising him, including that he was “speechless about the lack of knowledge” within the earlier administration.
Dimon beforehand introduced JPMorgan would slash spending on variety initiatives whereas remaining dedicated to working with black, Hispanic and LGBTQ communities.
“We all were devoted to reaching out to the black community, Hispanic, the LGBT community, the disabled — we do all of that. But the extent, they gotta stop it. And they gotta go back to being more practical. They’re very ideological,” Dimon stated Thursday.
JPMorgan declined to touch upon the chief govt’s scathing remarks.
Earlier this 12 months, JPMorgan and several other different Wall Avenue banks scrubbed DEI language from their web sites quickly after President Trump took workplace, in keeping with the Wall Avenue Journal.
Dimon had beforehand supported DEI insurance policies, even apparently taking a knee with department staffers in {a photograph} amid widespread racial justice protests. JPMorgan has insisted that Dimon was merely bending down for the image.
Dimon did order a overview of the financial institution’s insurance policies after the Supreme Court docket’s 2023 ruling that overturned affirmative motion, in keeping with The Submit’s Charles Gasparino.
