NEW YORK (VINnews) — JPMorgan Chase CEO Jamie Dimon warned Thursday that New York City risks economic decline if ideological politics override practical governance, cautioning Mayor that rhetoric alone will not solve the city’s mounting challenges.

Speaking in an interview with Bloomberg Television, Dimon emphasized that the success or failure of Mamdani’s administration will ultimately depend on whether life in New York improves for residents, businesses and families.

“I don’t care what he says. What does he do?” Dimon said. “You can talk about morality and ideology all you want, but if things don’t get better, you didn’t do a good job.”

Dimon’s remarks carried particular weight given his status as one of Wall Street’s most influential executives and a longtime voice on the American economy, banking system and the future of major U.S. cities.

The JPMorgan Chase chief warned that New York cannot afford to lose sight of economic competitiveness as businesses and residents increasingly have alternatives in lower-tax cities and states.

“Every city has to compete,” Dimon said, arguing that cities must remain attractive places to live, work, raise families and build companies.

“He can be an ideologue, but he has to compete too,” Dimon added. “Will he learn that he’s got to make the city a place where people want to grow and build and live and have families and work?”

Dimon also pointed to global and domestic competitors including Singapore, Hong Kong, Shanghai and Nashville, Tennessee, warning that people and companies can relocate if they believe opportunities elsewhere are stronger.

“People vote with their feet,” he said.

The comments came after Dimon and other business leaders met with Mamdani, whose administration has advanced a progressive agenda centered on higher taxes for corporations and wealthy residents.

Among the proposals backed by Mamdani are increased corporate taxes, a new income tax surcharge on millionaires and additional taxes on luxury second homes valued above $5 million.

Dimon suggested that ideological leadership without economic results could ultimately damage the city’s long-term future and weaken its competitiveness at a time when affordability concerns and migration trends are already putting pressure on New York.

Mamdani and his allies have defended the policies as necessary to address inequality, affordability and housing shortages across the city.