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Wall Street has misgivings about Mamdani as mayor, but prepares for collaboration 

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Wall Street has misgivings about Mamdani as mayor, but prepares for collaboration 
  • Wall Street leaders concerned about Mamdani’s policies impacting NYC competitiveness
  • Some finance heavyweights including Ackman oppose Mamdani
  • Mamdani has engaged with business leaders

NEW YORK, Oct 31 (Reuters) – Wall Street and the finance industry have broad misgivings about the prospect of frontrunner Zohran Mamdani becoming New York City’s mayor, but many are hopeful he moderates his positions as they prepare to try and work alongside him.

Mamdani’s policies, opens new tab range from hiking taxes on New York City’s wealthiest, raising the corporation tax, freezing stabilized apartment rental rates and increasing publicly subsidized housing, raising worries among the finance community that the city’s competitiveness will suffer.

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“There are a whole bunch of ideas that are well-intentioned. What I agree with is that he has attracted real passion,” said Cromwell Coulson, chief executive at Manhattan-based markets data and trading platform OTC Markets Group. Still, Coulson cited concerns, saying that some people could be driven to leave the city if it becomes an unfriendly place for commerce.

“It won’t be day one, but you will see where our hiring footprints go,” said Coulson, who said he ultimately supports Mamdani’s top rival in the race, former Governor Andrew Cuomo, a moderate Democrat. Republican Curtis Sliwa is also on the ballot in the November 4 election.

Reuters spoke to more than half a dozen other members of the finance community, including executives or representatives of financial firms or industry sectors, who declined to be named talking about politics.

“If the election turns out the way the polls suggest, … let’s hope that the worst fears of what might occur thereafter are not realized and that the new mayor, whoever it might be, continues to realize the importance of the business community to the city,” Peter Orszag, CEO of financial advisory and asset management firm Lazard CEO, said on a recent earnings conference call. Orszag had served under Democratic former President Barack Obama as director of the Office of Management and Budget.

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Some heavyweights in finance have poured money into efforts to defeat Mamdani. High-profile investor Bill Ackman posted on X on Sunday, opens new tab that Mamdani’s “anti-business policies including higher corporate taxes will kill NYC jobs and cause companies to flee.” Ackman has donated $1 million to Defend NYC, opens new tab, which describes itself as a “bipartisan group of New Yorkers united by a shared concern over the policies and record of Zohran Mamdani,” and $750,000 to Fix the City, opens new tab, which supports Cuomo, according to data on the New York City Campaign Finance Board website.

Billionaire investor Dan Loeb has donated $600,000 to Fix the City and $100,000 to Defend NYC. Representatives for both Ackman and Loeb declined comment.

Still, with betting website Polymarket having the odds of Mamdani winning at 95%, opens new tab, Wall Street leaders are increasingly focusing on how to work with him. Indeed, Mamdani has been engaged directly with business leaders. He spoke with CEOs in meetings organized by the Partnership for New York City, whose members include Wall Street banks, private equity firms and law firms, according to Kathryn Wylde, CEO of the organization. In the summer, he spoke by phone with JPMorgan Chase (JPM.N), opens new tab CEO Jamie Dimon, who offered help if Mamdani becomes mayor, one of the sources said. Another of the sources said Mamdani has been engaged with the real estate industry.

The call with Dimon was previously reported by Bloomberg.

Yasser Salem, CEO of OneNYC, an independent expenditure committee that backs Mamdani, told Reuters in an interview that he is assembling an advisory council of business leaders to work with Mamdani if he prevails.

“We are highly focused on building specific instances and demonstrations of trust” with the business community, Salem said.

Representatives for Mamdani and Cuomo did not respond to requests for comment.

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While the mayor of New York does not have direct oversight on Wall Street, the mayor sets the tone on whether the global heart of capitalism is perceived as business friendly. Governor Kathy Hochul in September endorsed Mamdani in an opinion piece in The New York Times, opens new tab, while saying that she wants to keep New York the center of the global economy.

Christina Greer, a political science professor at Fordham University in New York, noted that for tax hikes to be enacted Mamdani would have to work in conjunction with Albany, which must approve any city tax hikes.

“Whatever process will happen will be incredibly slow and may never actually affect” wealthy residents, said Greer.

RIPPLE EFFECTS THROUGH CITY

Real estate could see a ripple effect, with Mamdani pushing for a rent freeze on rent-stabilized apartments, a measure undertaken by former Mayor Bill de Blasio but reversed by the current outgoing mayor, Eric Adams.

A potential rent freeze has spooked many landlords and lenders, said Paul Rahimian, CEO of Parkview Financial, a Los Angeles real estate lender which has a New York City office. Rahimian said the firm was taking a “hold and see” attitude to extending new loans to real estate developers and projects in New York until after the election.

“There are a lot of landlords that are now no longer making money but whose properties are costing them money every year,” he said.

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Isaac Toledano, founder and CEO of Miami-based real estate investment firm BH Group, said he anticipated that 2026 would be busy with relocations from New York to Florida if Mamdani wins.

“There are a lot of people that do not agree with what he’s going to do,” said Toledano.

Reporting by Anirban Sen, Tatiana Bautzer, Lananh Nguyen, Suzanne McGee; additional reporting by Maria Tsvetkova, Matt Tracy, Megan Davies; Writing by Megan Davies; Editing by Leslie Adler

Our Standards: The Thomson Reuters Trust Principles., opens new tab

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Video: Zelensky Faces a ‘Difficult Choice’ With Trump’s Proposed Plan

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Video: Zelensky Faces a ‘Difficult Choice’ With Trump’s Proposed Plan

new video loaded: Zelensky Faces a ‘Difficult Choice’ With Trump’s Proposed Plan

The Trump administration has proposed a 28-point peace plan designed to end the Russia-Ukraine war. President Volodymyr Zelensky of Ukraine said that his country was facing a “difficult choice.”

By Chevaz Clarke

November 21, 2025

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Zelenskyy warns Ukraine faces ‘difficult choice’ as US peace plan hits major hurdle

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Zelenskyy warns Ukraine faces ‘difficult choice’ as US peace plan hits major hurdle

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A U.S.-backed framework to end the Ukraine war — assembled by special envoy Steve Witkoff, with input through both Kyiv and Moscow channels — is stirring unease among European allies and putting fresh pressure on President Volodymyr Zelenskyy.

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Zelenskyy, who has ruled out recognizing Russian sovereignty over Ukrainian land, delivered one of his starkest public messages yet, warning that Kyiv is entering “one of the most difficult moments in our history.”

In remarks released on Friday by Reuters, Zelenskyy said Ukraine is under intense pressure and may soon face what he called “a very difficult choice: either losing its dignity or risking the loss of a key partner. Either 28 difficult points or an extremely difficult winter — the most difficult one yet — and further risks. Life without freedom, without dignity, without justice. And we are expected to trust someone who has already attacked us twice.”

WITKOFF MEETS UKRAINE OFFICIALS IN NEW YORK AHEAD OF EMERGENCY UN SECURITY COUNCIL MEETING: ‘VERY PRODUCTIVE’

Ukrainian President Volodymyr Zelensky is greeted by US President Donald Trump (L) upon arrival at the White House West Wing in Washington, DC, on August 18, 2025. President Zelenskyy said today (Friday) Ukraine and the United States would “work on the provisions of the plan” and are ready for “constructive, honest and swift work.” (Photo by Andrew Caballero-Reynold / AFP via Getty Images))

Zelenskyy urged Ukrainians to remain disciplined as negotiations continue with Washington. “We will not make any loud statements; we will work calmly with America and all our partners,” he said. “I will present arguments, I will persuade, I will offer alternatives, but we will definitely not give the enemy any reason to say that Ukraine does not want peace, that it is disrupting the process, and that Ukraine is not ready for diplomacy. That will not happen.”

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Warning of intensified attempts to divide the country, he said Ukrainians should expect “a lot of pressure — political, informational and other kinds of pressure — to weaken us,” but vowed that “we have no right to allow that,” and insisted, “we will succeed.”

A U.S. official, speaking on background, told Fox News Digital, “It was strongly implied to the Ukrainians that the United States expects them to agree to a peace deal. Any changes will be decided upon by the President himself.”

According to multiple outlets, a working draft would require Kyiv to cede the eastern Donbas region to Russia, limit long-range Western strikes inside Russia, and cap Ukraine’s armed forces at roughly 600,000 troops.

The White House says Witkoff and Secretary of State Marco Rubio have been “quietly working” on the plan and engaging both sides. President Donald Trump has been briefed and supports pushing to finalize the framework by the holidays. 

Zelenskyy is preparing for a call with Trump, having already spoken with German Chancellor Friedrich Merz and Vice President JD Vance on Friday. 

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Ukraine has formally received the document. Zelenskyy said Ukraine and the United States would “work on the provisions of the plan,” and that Kyiv is ready for “constructive, honest and swift work.” He has repeatedly ruled out recognizing Russian sovereignty over any Ukrainian territory, saying earlier there can be “no reward for waging war.”

“We are working to ensure that Ukraine’s national interests are taken into account at every level of our relations with partners,” Zelenskyy posted Friday on X, formerly known as Twitter.

ZELENSKYY SEEKS ‘STRONG REACTION’ FROM US IF PUTIN IS NOT READY FOR BILATERAL MEETING

President Donald Trump walks with Russian President Vladimir Putin as they arrive at Joint Base Elmendorf-Richardson Aug. 15, 2025, in Anchorage, Alaska. Kremlin spokesman Dmitry Peskov said today (Friday) Russia has “not received anything officially” from Washington on the 28-point plan. (Andrew Harnik/Getty Images)

A Ukrainian source told Fox News Digital that Kyiv’s red lines include limits on NATO membership, territorial concessions and troop cuts. The former senior Ukrainian official called the draft’s terms “political suicide” that would leave Zelenskyy responsible “for the loss of about one-fifth of Ukraine.”

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In Moscow, Kremlin spokesman Dmitry Peskov said Thursday that Washington and Moscow are not yet discussing the proposals in detail, but that contacts were taking place. “There are certain ideas on the American side, but nothing substantive is currently being discussed. We are completely open — we maintain our openness to peace negotiations,” Peskov told reporters.

U.S. Ambassador to the U.N. Mike Waltz pressed for urgency during a Security Council briefing Thursday, saying diplomacy is “the only path to a durable and just peace.” Waltz said Washington has “proposed generous terms for Russia, including sanctions relief,” and vowed that “under President Trump’s leadership, the United States will continue to pursue a path to peace in Ukraine.”

On Friday, Fox News Channel’s Gillian Turner reported that a Trump administration official said the United States has offered Ukraine a security guarantee modeled on NATO’s Article 5 — a commitment that would treat any attack on Ukraine as an attack on all and would require military defense.

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Firefighters work on the site of a burning building after a Russian attack in Kyiv, Ukraine, early Thursday, Aug. 28, 2025. (AP Photo/Efrem Lukatsky)

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The Associated Press reported that the leaders of Germany, France and the U.K. spoke with Zelenskyy Friday to reaffirm their “unchanged and full support on the way to a lasting and just peace” as diplomats scrambled to parse a U.S. proposal many first learned about through the media. Germany’s Bild newspaper said Merz canceled a domestic appearance to hold crisis calls with both Zelenskyy and Trump.

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Nathan Gill’s sentencing raises fresh questions over European lawmakers’ Kremlin ties

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A former British MEP has been sentenced to ten and a half years in prison for taking bribes in exchange for Russia-friendly posturing in the European Parliament. The sentence comes as scrutiny of European lawmakers’ ties to the Kremlin intensifies.

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