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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

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Video: A Small Election Could Change British Politics

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Video: A Small Election Could Change British Politics

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A Small Election Could Change British Politics

Voters in the northern English district of Makerfield cast ballots on Thursday to choose their representative in Parliament, the outcome of which could lead to Prime Minister Keir Starmer’s ouster.

Well, I don’t think there should be a leadership election. I think that the last government proved that parties that spend their whole time in leadership elections don’t go on to win the next general election.

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Voters in the northern English district of Makerfield cast ballots on Thursday to choose their representative in Parliament, the outcome of which could lead to Prime Minister Keir Starmer’s ouster.

By Alisa Shodiyev Kaff

June 18, 2026

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From bear hugs to handshakes: How India lost its edge with Trump while Pakistan quietly gained ground

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From bear hugs to handshakes: How India lost its edge with Trump while Pakistan quietly gained ground

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This week, President Donald Trump and Indian Prime Minister Narendra Modi came face-to-face at the G7 summit in France, their first such encounter since February 2025. Rather than his trademark bear hug, Modi greeted Trump with a smile and handshake.

Then on Wednesday, the two held a bilateral meeting. It was a friendly chat, but one that came against a backdrop of compounding tensions.

As India works at restoring its relationship with Washington, its arch-foe Pakistan has expanded its own diplomatic profile, complicating India’s campaign against its nuclear-armed rival.

COMMERCE SECRETARY HOWARD LUTNICK MAKES QUIET TRIP TO INDIA DAYS AFTER TARIFF SETBACK

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President Donald Trump looks at Pakistan’s Prime Minister Shehbaz Sharif speaking following the official signing of the first phase of the Gaza ceasefire agreement between Israel and Hamas. Shariff announced his intention to nominate Trump for the Noble Peace Prize for a second time.  (Evelyn Hockstein / Reuters)

For years, India built an international case against Pakistan, projecting it as an isolated or destabilizing state. This hardline stance appeared to be working, with Modi declaring to Pakistan, “India has been successful in isolating you, and we will intensify those efforts.” 

But a decade later, Pakistan is rapidly emerging as a key global player in the region and beyond.

While Modi initially tried to engage Pakistan, his government’s approach eventually hardened around the mantra that “terror and talks cannot coexist.”

In Washington, India has typically been favored, with Presidents Trump, Biden, Obama and George W. Bush all making visits during their time in office.

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President Donald Trump (R) shakes hands with Indian Prime Minister Narendra Modi during a bilateral meeting at the G7 Summit on June 17, 2026 in Evian-les-Bains, France.  (Anna Moneymaker/Getty Images)

Modi built a rapport with Trump during his first term in office and was one of the first world leaders invited to the White House after Trump’s inauguration. But over the past year, that relationship has come under strain as Islamabad quietly clawed its way back to credibility.

“India misjudged Trump in term two, banking on once friendly relations,” Sid Dubey, a visiting professor at Bennett University in India, told Fox News Digital. “They have yet to start recovering from that.”

PRESIDENT TRUMP, INDIA’S MODI TO TACKLE TRADE, TARIFF TENSIONS AT HIGH-STAKES MEETING

U.S. President Donald Trump and Indian Prime Minister Narendra Modi wave to the crowd at Sardar Patel Stadium in Ahmedabad, India, Monday, Feb. 24, 2020. India poured on the pageantry with a joyful, colorful welcome for President Donald Trump on Monday that kicked off a whirlwind 36-hour visit meant to reaffirm U.S.-India ties while providing enviable overseas imagery for a president in a re-election year. (AP Photo/Aijaz Rahi)

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The shift first became apparent in May 2025, when President Trump announced he had secured a ceasefire between nuclear-armed India and Pakistan. The fighting had come over India-administered Kashmir and was the worst in decades.

Islamabad promptly praised Trump for ending the deadly dispute and even nominated him for a Nobel Peace Prize. New Delhi, however, rejected the claim, insisting the ceasefire was the result of direct bilateral talks with Pakistan.

The response reflected India’s long-standing sensitivity to third-party involvement in what it fiercely maintains is a bilateral dispute.

In the months that followed, frictions only deepened.

FILE — In this Jan. 11, 2013 file photo, a Pakistani Ranger in black uniform and his Indian counterpart march during a flag-off ceremony, at the joint Pakistan-India border check post of Wagah near Lahore, Pakistan. (AP Photo/K.M. Chaudary, File)

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President Trump hit India with some of the steepest tariffs imposed on any major economy. Meanwhile, U.S. sanctions pressure on Russian oil rattled energy import-dependent India, while disputes over H-1B visas added further strain. Analysts say Trump’s America First agenda increasingly overshadowed the friendship Modi had cultivated during Trump’s first term.

“When Trump unfortunately said the May 2025 clash ended because of him personally, that upset India a lot, and they made that known,” Dubey said. “Then the tariffs were another slap in India’s face. Meanwhile, Pakistan took advantage, leaving India at a bit of a loss. From there, relations fell further with the Iran conflict.”

India is among the countries most indirectly affected by the strategic fallout from the Iran war, facing economic pressure and mounting energy concerns.

IRAN WAR FUELS ASIA ENERGY CRUNCH AS INDIA, JAPAN, OTHERS FEEL STRAIN

Iranian Parliament Speaker Mohammad Bagher Ghalibaf meets with chief of Defence Forces of Pakistan, Field Marshal Asim Munir, in Tehran, Iran, May 23, 2026. (Iranian Parliament Speaker Office/WANA (West Asia News Agency)/Handout via Reuters)

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Last week, a U.S. strike further exacerbated tensions after three Indian seafarers became collateral damage in the conflict. They were the first and only seafarers confirmed killed as part of the U.S. blockade, sparking outrage across India.

New Delhi instantly summoned Washington’s Chargé d’Affaires Jason Meeks, expressing deep concern over the renewed attacks and arguing that its nationals were becoming casualties in a war not their own.

India also warned of the broader humanitarian, economic, and energy consequences of the conflict, which are expected to linger even as an agreement has now been reached.

U.S. Vice President JD Vance, center, walks with Pakistan’s Chief of Defence Forces and Chief of Army Staff Field Marshall Asim Munir, left, and Pakistani Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar after arriving for talks with Iranian officials in Islamabad, Pakistan, Saturday, April 11, 2026. (Jacquelyn Martin/Pool via AP Photo)

All the while, Pakistan was gaining diplomatic visibility, finding itself in the unusual position of currying favor in Washington while maintaining deep ties with China, Iran and the Gulf states.

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Pakistan’s prominent role in recent months highlighted how Islamabad has been more nimble in its diplomacy than India,” Council on Foreign Relations Senior Fellow Sadanand Dhume told Fox News Digital. “Additionally, Pakistan decisively outmaneuvered India’s quixotic bid to isolate Pakistan on the world stage.”

Regional dynamics have also been reshaped by the two rivals’ competing strategies. India has deepened its strategic partnership with the U.S. through alliances such as the Quad partnership with the U.S., Australia, and Japan and has expanded cooperation across South Asian states, including a burgeoning relationship with Afghanistan. Meanwhile, Pakistan’s growing regional relevance has been reflected in its strengthened ties with China, improved relations with regional partners like Bangladesh and expanded security cooperation with Gulf states.

RUBIO VISIT TO INDIA PUSHES DEEPER ENERGY TIES AS IRAN CONFLICT RATTLES GLOBAL OIL MARKETS

Additionally, Trump, who accused Pakistan of “deceit and lies” during his first term, has since repeatedly praised its leadership. In June 2025, the president invited Pakistan’s army chief Asim Munir to the White House for a high-profile lunch meeting.

Munir was the first Pakistani military chief who was not also president to be hosted by a U.S. president. He also led the war effort against India earlier that year. 

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In this photo released by the Inter Services Public Relations, Pakistan’s Chief of Defense Forces and Army Chief Gen. Asim Munir, center, Pakistan Naval Chief Admiral Naveed Ashraf, left, and Pakistan Air Force Chief Air Chief Marshal Zaheer Ahmed Babar attend a guard of honor ceremony at the joint military command headquarters in Rawalpindi, Pakistan, Monday, Dec. 8, 2025.  (Inter Services Public Relations via AP)

Trump described Munir as his “favorite Field Marshal” and an “exceptional human being.” 

Their relationship has been further reflected in trade deals and, most recently, Pakistan’s role as a principal mediator in restoring diplomacy between the U.S. and Iran.

“India tried to make Pakistan an international pariah. Instead, Pakistan has wormed its way into Trump’s good books through a combination of concrete co-operation with the U.S. and outrageous flattery of the president, leading to Trump elevating Field Marshal Asim Munir and Prime Minister Shehbaz Sharif as heroes,” Dhume said.

India, meanwhile, has maintained close ties with Israel while generally sticking to more measured messaging. 

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TRUMP’S FAVORITE FIELD MARSHAL: WHO IS PAKISTAN’S POWERFUL ARMY CHIEF ASIM MUNIR WITH DEEP INTEL TIES

On June 15, upon the agreement of a deal with Iran, Modi released a statement, saying, “India hopes that the implementation of this understanding will help restore peace and stability in the region and ensure the freedom of navigation and commerce.”

“Hats off to Pakistan. They worked really hard to bring this awfully disruptive war with Iran to an end,” Dubey told Fox. “India unfortunately lost out by not seeking to be a problem solver like Pakistan. It could have played its cards better as a peacemaker, given its traditionally strong relations with Tehran.”

Still, analysts caution these are rapidly evolving dynamics. There is no guarantee that Pakistan’s current moment will last, and the tide for India could still turn.

“Pakistan’s mediation role has allowed it to substantially reset its international image. It has positioned itself as a responsible international actor rather than a rogue state responsible for both nuclear proliferation and exporting Islamic terrorism. How long this lasts depends in large measure on two things: will Pakistan find a way to remain in Trump’s good books, and will it be able to change its behavior sufficiently to convince the world that it has indeed turned over a new leaf,” Dhume told Fox News Digital.

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Meanwhile, India is working to regain its position and show the U.S. it is still a reliable partner.

Marco Rubio visited India last month, his first since becoming Trump’s top diplomat last year, which was widely seen as an attempt to reset ties. 

Secretary of State Marco Rubio speaks as President Donald Trump looks on during a cabinet meeting in the Cabinet Room of the White House in Washington, DC, on April 30, 2025.  (JIM WATSON/AFP via Getty Images)

Trump and Modi’s G7 meeting marked another significant step. 

Trump praised Modi as “calm, cool and totally killer” and said he would be traveling to India “sometime in the future.” India has been pressing Trump for a visit, potentially as part of a broader meeting involving Japan and Australia.

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Trump also said the United States would defend India.

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“If anybody attacks that man, we’re going to be there,” Trump said, referring to Modi. “Now, if there’s a new leader, I’m not sure about it.”

The Pakistani and Indian governments did not respond to Fox News Digital requests for comment.

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EU of six, not 27, is needed to ‘stay relevant’ – Bruno Le Maire

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EU of six, not 27, is needed to ‘stay relevant’ – Bruno Le Maire

Working with a coalition of six core European countries instead of 27 is the best way to reinforce Europe, former French Economy Minister Bruno Le Maire told Euronews on the sidelines of the G7 summit in Évian, France.

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His comments come as the European Union looks for ways to streamline its decision-making process and become more agile on key issues from defence to foreign policy.

“The single lesson that all the European leaders must draw from the past months, and I would say from the last two years, is that if they want to be relevant and strong, they need to be united. And they don’t need to unite with 27 member states,” he said in a Euronews interview.

“They need to give a new impetus to the European construction by building a European [project] with six core countries,” Le Maire, who was the longest-serving economy and finance minister since World War II and the shortest-serving minister for armed forces, note

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Le Maire listed France, Germany, Italy, Spain, Poland, and the Netherlands — the EU’s six largest economies — as the states that should band together to discuss key issues facing the bloc, ranging from the Iran conflict and support for Ukraine to chip manufacturing on European soil and nuclear energy.

“Six countries instead of 27 countries is the best way of reinforcing Europe, of facing the threats posed by many empires around the world, and getting some concrete results,” he said.

Le Maire pointed to the pressure from the US administration against the EU, including tariffs and threats over regulatory standards, in response to Brussels’ antitrust fines and digital regulations targeting American tech giants like Google and Amazon.

“We can no longer accept being blackmailed […]. The way President Trump and the US administration are saying, ‘You should get rid of the taxation of Google, Amazon, Facebook, and Microsoft, otherwise, I will hit you with new tariffs,’ is 100% unacceptable among allies,” he said.

“If we want to resist that kind of threat, that kind of blackmail […] the six strongest European member states must stand united […]. If we are divided, you cannot resist that pressure,” he said.

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“If you stand united, explaining that it will be difficult for the US to gain access to the European market if they do not respect Europe as a partner, that is the best way of getting some concrete results.”

Too much talk, too few decisions

Often held up by a principle of unanimity, Le Maire told Euronews that involving 27 countries to form a consensus on EU decision-making means “long talks and very few decisions”, while what is needed now is “strong decisions and fewer talks.”

He envisioned a structure in which the six core countries move forward on matters, and “then the 21 other member states, if they want to join, they will join,” adding, “first of all, let’s move on.”

The idea of this coalition is not new. In fact, it already exists in some shape or form.

Earlier this year, the finance ministers of Germany, France, Italy, the Netherlands, Poland and Spain launched a new coalition, dubbed the “E6”, to push for “decisive action and swift progress” in four strategic areas: defence, supply chains, the Savings and Investments Union, and strengthening the euro internationally.

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“We are providing the impetus, and other countries are welcome to join us,” German Finance Minister Lars Klingbeil said at the time. The President of the European Commission, Ursula von der Leyen, endorsed this two-speed Europe concept as a way of bolstering the European economy.

In May, the E6 signed a joint letter calling for an acceleration of the Capital Markets Union (CMU) in an attempt to get a deal through a politically stagnant Brussels.

The CMU aims at creating a single, integrated market for capital across all 27 member states to service companies, investors and consumers.

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