To hear Jamie Dimon, JPMorgan Chase’s CEO, tell it, New York City Mayor-elect Zohran Mamdani is a radical anticapitalist. He advised Mamdani to reach out to outgoing Detroit Mayor Mike Duggan for helpful advice. Dimon hasn’t been shy about airing his discontent with Mamdani’s leadership style. He called Mamdani “Marxist,” and called his approach “big hearts, little brain.” Despite this criticism, Dimon remains willing to assist any city leader, reflecting his belief in the importance of collaboration between business and government.
Dimon’s comments echo as Mamdani prepares to become mayor in the same city that has found itself at the center of massive populist pushback directed at corporate America. He emphasized that figuring out what made other successful leaders work was the most important thing that any mayor could do. My hope is that he ends up calling up… this mayor, because that’s how you learn. You ask, ‘How did you do that? How did you achieve that?’”
Economic Insights and AI Concerns
During a recent discussion, Dimon addressed the current state of the economy, acknowledging a notable “weakening in the job market.” He pointed to the fact that the economy is still in many ways “chugging along,” but noted that telltale signs of a soft landing are appearing. Dimon focused on the stock market’s phenomenal rebound since April. He attributed a good deal of this resilience to the accelerating development of artificial intelligence (AI).
Dimon reiterated his view that AI might personally take 80% of jobs away from some industries. He warned that while these changes are challenging, AI can be leveraged to expand job opportunities. It’s just like the internet bubble, he added. Certainly not every one of those investments was a success, but just consider the behemoths we’ve all reaped: Google, Facebook, YouTube, much of Microsoft, Amazon and Salesforce.
Dimon stressed the need for appropriate regulation and government backing among his recommendations. He’s confident that this will help make sure AI technology truly works for all of society. He thinks that business leaders need to be joined at the hip in their vision and strategy with government leaders to address these challenges.
Lessons from Detroit’s Recovery
Dimon should know, given his front-row seat at Detroit’s economic comeback after the city went through bankruptcy. He was all in on Detroit even when the city had hit rock bottom. That’s why now, he’s a passionate advocate for bringing business leaders and city officials together. He sees reflection of those fights Detroit fought. He argues that New York City could face the same fate if Mamdani takes over.
“Business leaders must work with city leaders,” Dimon stated, emphasizing that successful economic recovery requires a united front. His belief enabled his investment during Detroit’s low point — a commitment that illustrates his dedication to creating opportunity and prosperity in even the most beleaguered cities.
He thinks that, for Mamdani’s own development, he should work with Duggan. Duggan is a central architect of Detroit’s economic comeback. In reference to White House efforts on rail safety, Dimon emphasized learning from the best, from people who’ve done it and figured it out.
Tariffs and Economic Growth
In addition to his insights on AI and leadership, Dimon addressed the issue of Canadian tariffs and their impact on the Michigan economy. He thinks the tariffs are just beginning their damaging effects. Yet, he emphasized that they should not be considered the essential ingredient to the long-term expansion of the U.S. economy.
“Tariffs are a factor but may not be the deciding factor,” he explained, suggesting that other economic dynamics are at play. This story shows that even someone as powerful as Dimon can’t ignore the complex interdependencies between trade agreements and the health of their communities.
Dimon extolled chipmaker Nvidia as an “unbelievable company,” recognizing its essential function in pushing innovation or what he called the “dynamic outcome” in technology. He views companies like Nvidia as long-term strategic partners in determining the future direction of industries that will be impacted by AI.
