JPMorgan Chase CEO Jamie Dimon has shared his insights with New York City Mayor-elect Zohran Mamdani, recommending he connect with outgoing Detroit Mayor Mike Duggan for guidance in leading the city. During a live interview with CNN’s Erin Burnett, Dimon emphasized Mamdani’s potential learning opportunities by speaking with Duggan, noted for revitalizing Detroit after its 2013 bankruptcy.
Dimon, while offering a patriotic perspective and willingness to assist any governmental leader, expressed uncertainty about Mamdani’s future success, highlighting the importance of execution in fulfilling his vision. “Some grow into the job… They fix the life, they fix the crime, they fix the hospitals,” Dimon stated. He warned, however, that some leaders can become overwhelmed by political challenges, leading to ineffective governance.
Duggan himself acknowledged that he has not yet interacted with Mamdani but noted a palpable enthusiasm among New Yorkers during the recent election. He remarked on the energy of the youth, indicating a strong desire for change, and emphasized that Mamdani should be evaluated based on his actions in office.
The former Detroit mayor encouraged collaboration between city leaders and business executives. He reflected on his own partnership with Dimon, describing it as politically risky at the time but ultimately beneficial, as JPMorgan’s involvement has included investments in low-income housing and job training, effectively gaining public support. In connection with these investments, JPMorgan announced it has surpassed $2 billion in commitments to Detroit and is relocating its main office to a new downtown complex.
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In addition to city governance, Duggan weighed in on the impact of President Donald Trump’s trade policies, particularly tariffs aimed at Canada, asserting that such measures could have adverse effects on Michigan’s economy. He pointed out that tariffs imposed on Canadian goods could inadvertently raise costs for Michigan-made vehicles, emphasizing the interdependence of the North American supply chain.
Commenting on the ongoing Supreme Court case regarding Trump’s use of emergency powers for tariffs, Dimon suggested that while tariffs are a factor in economic growth, they may not be the most critical element. He acknowledged improvements in trade policy by Trump’s administration, hinting at a more nuanced approach that involves assessing the effectiveness of existing strategies and making necessary adjustments.
