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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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Trump Says He Thinks He Will Remove Syria From US Terrorism Sponsor List

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Trump Says He Thinks He Will Remove Syria From US Terrorism Sponsor List
ANKARA, TURKEY, ⁠July ⁠8 (Reuters) – U.S. ⁠President Donald Trump on Wednesday said he thought ‌he would remove ‌Syria ⁠from ⁠the United States’ list of designated state sponsor of terrorism. “I think I will,” Trump told reporters in response ⁠to ⁠a question ⁠ahead of a meeting with Syrian …
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Trump says ‘Iran lies and cheats’ as IRGC emerges as dominant force in negotiations with US

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Trump says ‘Iran lies and cheats’ as IRGC emerges as dominant force in negotiations with US

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As President Donald Trump voiced growing frustration Wednesday with Iranian negotiators, accusing them of lying and cheating, the latest escalation has exposed an even more fundamental problem for Washington: whether the officials at the negotiating table have the power to deliver an agreement — or whether anyone in Tehran does.

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“I don’t know if we’re going to have a deal. We may just do it without a deal,” Trump said at the NATO summit in Ankara. “These people, they lie and they cheat.”

But Trump’s frustration with Iran’s negotiators is only part of the problem. Since the death of Ayatollah Ali Khamenei, it has become increasingly unclear who in Tehran has the authority to make — and enforce — an agreement.

TRUMP SAYS IRAN CEASEFIRE IS ‘OVER’ AFTER IRANIAN ATTACKS TRIGGER MASSIVE US RESPONSE

Tehran has deployed a new front on social media including an influence campaign to sway Americans and undermine President Donald Trump’s push for a nuclear deal.  (Hamed Malekpour / Middle East Images / AFP via Getty Images)

Mojtaba Khamenei succeeded his father as supreme leader after the elder Khamenei was killed in the opening U.S.-Israeli attacks on Feb. 28. But Mojtaba has not appeared publicly since the attack, and U.S. assessments cited by Reuters have described authority as dispersed among senior Revolutionary Guard commanders and powerful civilian officials.

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Parliament Speaker Mohammad Bagher Ghalibaf, a former IRGC commander who led Iran’s negotiating delegation, has emerged as one of the country’s most powerful surviving political figures.

Banafsheh Zand, an Iranian-American journalist and editor of the Iran So Far Away Substack, said power inside the Islamic Republic has fractured since the death of Ayatollah Ali Khamenei, leaving the Islamic Revolutionary Guard Corps as the country’s dominant force.

“The person who is negotiating with the U.S. is not necessarily someone who is endorsed by the others,” Zand told Fox News Digital.

She described Ghalibaf as one power center competing with figures including IRGC commander-in-chief Ahmad Vahidi, Quds Force commander Esmail Qaani and former Foreign Minister Mohammad Javad Zarif.

Vahidi controls the IRGC’s overall military structure, while Qaani oversees its external operations and relationships with Iran-aligned armed groups across the region. Zarif, by contrast, remains closely identified with the more accommodationist political camp that previously championed negotiations and sanctions relief.

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“The hardliners, in terms of their political presence, have also been pushed aside,” Zand said. “So really, it’s the IRGC. And within the IRGC, whoever signs the deal is not necessarily signing on behalf of everybody else. They’re signing on behalf of themselves.”

Her assessment reflects a central problem facing Washington: Iran’s negotiators, political institutions and military commanders may not share the same interpretation of what was agreed — or the same willingness to implement it.

US CLAWS BACK KEY CONCESSION TO IRAN AFTER FRESH ATTACKS ON COMMERCIAL SHIPS IN STRAIT OF HORMUZ

Iran’s Parliament Speaker Mohammad Bagher Qalibaf and Foreign Minister Abbas Araghchi were greeted by Pakistan Foreign Minister Ishaq Dar and Army Chief Field Marshal Gen. Asim Munir upon their arrival at Nur Khan airbase in Rawalpindi, Pakistan, on April 11, 2026. (Pakistan Ministry of Foreign Affairs/AP)

Yet Trump’s declaration does not necessarily mean diplomacy has been permanently abandoned.

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Behnam Ben Taleblu, senior director of the Iran program at the Foundation for Defense of Democracies, told Fox News Digital that the clearest evidence would be the restoration of the U.S. blockade, the introduction of additional military forces or a new round of major economic sanctions.

Otherwise, he said, Trump may continue operating in the “gray zone” between negotiations and open war while keeping his options available.

The more difficult question is why Tehran would jeopardize sanctions relief and risk overwhelming American firepower when its military has already been severely degraded.

Ben Taleblu said Iran’s leaders appear to believe escalation is essential to the survival of the Islamic Republic.

“This is a regime that is weaker, but lethal, and less capable, but more confident,” he said. Iran’s leadership believes its adversaries have vulnerable economic and military interests throughout the Gulf, he added, while the regime itself is more willing to accept destruction.

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People hold placards with an image of Iran’s new supreme leader Mojtaba Khamenei with late Iranian Supreme Leader Ayatollah Ali Khamenei, during a gathering to support Mojtaba Khamenei, amid the U.S.-Israeli conflict with Iran, in Tehran, Iran, March 9, 2026.  (Majid Asgaripour/WANA (West Asia News Agency) Via Reuters)

“Their survival and their military success and their political success runs through more, not less, escalation,” he said.

Lisa Daftari, foreign policy analyst and the editor-in-chief of The Foreign Desk, agrees the escalation is deliberate, aimed at turning regional instability into leverage.

“By targeting commercial shipping and Arab states, the regime is signaling that it can hold global energy flows and America’s regional partners hostage to extract leverage, distract from its domestic crisis, and test U.S. red lines,” Daftari told Fox News Digital.

She said Tehran is betting that Washington and its Arab partners will be unwilling to sustain another war and will ultimately back down first.

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“The regime’s core weapon is time,” Daftari said. “By escalating in the Persian Gulf and attacking ships and Arab states, they are creating rolling crises that raise the cost of confronting them while they consolidate power at home.”

Daftari argued that the strategy reflects the Islamic Republic’s longstanding character rather than a temporary response to pressure.

TRUMP ENTERS FINAL NATO SUMMIT DAY AS UKRAINE, DEFENSE SPENDING TAKE CENTER STAGE

Firefighters work in the aftermath of Iranian drone attacks, at a location given as Bahrain (Reuters)

“This regime was never designed to be reformed or softened,” she said. “What they are showing us now is exactly who they intend to remain: a hardline, revolutionary regime determined to stay in power.”

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But determining how that strategy is translated into action is more complicated. Authority in Tehran appears divided, raising questions about who is directing the escalation and whether the officials negotiating with Washington can commit the broader security establishment.

That division is already visible in the dispute over the Strait of Hormuz.

A Middle Eastern source familiar with the issue told Fox News Digital that Tehran and Washington are operating from fundamentally different readings of Clause five of the memorandum. The publicly released text says Iran will use its “best efforts” to arrange safe commercial passage through the strait without charge for 60 days, while removing military and technical obstacles and conducting demining operations. It does not expressly state that foreign vessels must obtain Iran’s approval or use routes designated by Tehran.

According to the source, Iran interprets that language as giving it responsibility — and therefore authority — to coordinate shipping and determine the routes vessels use during the interim period. Washington’s interpretation is that Iran agreed to lift its maritime blockade and fully reopen the international waterway.

When the two sides have different interpretations of a single page, how do they intend to write a treaty, the source said.

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Iran views control over passage through the Strait of Hormuz as one of its last major sources of leverage over the United States, Gulf governments and the global economy, the source said, “That is the heart of the matter.”

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The truck carrying the coffins of the slain Iranian Supreme Leader Ayatollah Ali Khamenei and members of his family makes its way through mourners during the funeral procession toward Azadi Tower in Tehran, Iran, on Monday, July 6, 2026.   (Vahid Salemi/AP)

Taken together, the experts’ assessments suggest Tehran is unlikely to face a simple choice between surrendering to Trump’s pressure and returning to negotiations. Ben Taleblu said the regime believes its survival depends on “more, not less, escalation,” while Daftari said it is deliberately “playing out the clock” by creating repeated regional crises. That raises the prospect that, even if Iranian officials return to the table, the IRGC could continue targeting commercial shipping, U.S. interests and American allies to preserve its leverage and strengthen its position inside Iran.

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From sewers to swimming sites: how Europe's cities reclaim their rivers

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As Europe braces for hotter summers, cities are reopening rivers once written off as polluted waterways. From Paris to Copenhagen, local authorities are investing in cleaner, swimmable rivers to adapt to rising temperatures and meet citizens’ needs.

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