Key facts
- Mayor Zohran Mamdani is creating a Business Advisory Council.
- The council will consist of business leaders from sectors like real estate, finance, and technology.
- Invited members include former UBS Americas CEO Robert Wolf, ex-Lazard global head of investment banking Antonio Weiss, and Bank of America's New York City president Jose Tavarez.
- The council's aim is to provide input for New York City's economic development strategy.
- This initiative follows Mamdani's efforts to redefine his relationship with the business community and his focus on economic justice.
New York City Mayor Zohran Mamdani is establishing a Business Advisory Council to gather insights from leaders in real estate, finance, and technology. The council aims to help invigorate the city's economy and inform economic development strategies.
Mamdani's administration has reached out to prominent business figures, including former top executives from UBS Group AG, Lazard Inc., and Bank of America Corp., to join the council. Among those invited are Robert Wolf, former chief executive officer of UBS Americas; Antonio Weiss, who served as counselor to the Treasury Secretary during the Obama administration; and Jose Tavarez, who oversees Bank of America’s New York business.
The formation of this council comes as Mamdani seeks to redefine his administration's relationship with the business community. He has previously pursued policies such as higher taxes on wealthy residents and corporations, leading to friction with some business elites. This effort also follows the disbanding of a separate advisory board that had focused on fundraising for the Mayor's Fund to Advance New York City.
According to Kathy Wylde, former president of the Partnership for New York City, most mayors assemble such business advisory groups for input on economic and policy issues. Political strategist Bill Cunningham noted that the council's effectiveness would depend on its independence and willingness to provide candid feedback to the mayor.