New York City Mayor Zohran Mamdani’s plan to create a new Business Advisory Council is drawing sharp criticism from prominent figures on Wall Street, with several business leaders dismissing the initiative as little more than a public relations effort after months of hostile rhetoric toward the financial community, the NY Post reports.

The proposed council is intended to give leaders from major industries an opportunity to advise the mayor and provide feedback on economic issues, according to City Hall. Bloomberg reported that those approached to participate include Robert Wolf, the former chief executive of UBS Americas and a longtime ally of President Barack Obama.

One senior Wall Street executive blasted the proposal, calling it, “Phony. A pretend effort to fool reasonable people into thinking [Mamdani] is willing to be reasonable towards business.”

Another chief executive in the financial industry was equally skeptical, describing the panel as “probably a waste of time,” while dismissing Wolf as “a bag of air.”

A Wall Street attorney, when asked about Wolf’s reported involvement, was similarly blunt, saying of the prominent Democratic donor, “The old UBS guy? He’s kind of a douche.”

The criticism comes shortly after Mamdani removed the advisory board overseeing the Mayor’s Fund to Advance New York City, a nonprofit that raises private-sector money to support city initiatives.

The 34-year-old mayor dismissed every member of the organization’s advisory board, replacing an established group of business leaders with a new approach that has already generated controversy.

The Wall Street attorney argued that the proposed Business Advisory Council is unlikely to fill that void.

“It only exists to get checks from appointees for the mayor’s pet projects,” the person said. “Mam is appointing many folks who can’t write checks, so I don’t get it.”

Wolf rejected the criticism, calling it “uninformed gossip.”

“If Mamdani or anyone else asks for my advice on how to make New York city thrive, I would raise my hand if they were Democrat or Republican,” he told The Post.

Wolf declined to say whether he had agreed to serve on the advisory council.

Another individual familiar with the discussions said there has been “no formal ask or acceptance” involving any of the names reportedly under consideration.

According to reports, the council is expected to advise the mayor on issues affecting the finance, technology, and real estate industries.

In addition to Wolf, Bloomberg reported that invitations have also been extended to former Lazard global investment banking chief Antonio Weiss and Bank of America New York City President Jose Tavarez.

“The administration is in the process of reaching out to business executives to form a Business Advisory Council,” a City Hall spokesperson said in a statement. “The purpose of the council is to engage with business leaders for their insights and input as we build an economic development strategy that improves life for all New Yorkers.”

Not everyone in the financial sector dismissed the effort outright.

“Wolf says he’s only doing stuff with Mamdani because he gives a s–t about NYC,” a friend of the former banking executive said.

Since taking office earlier this year, Mamdani has repeatedly clashed with some of New York’s most influential business leaders, drawing criticism from figures including JPMorgan Chase CEO Jamie Dimon and Citadel founder Ken Griffin.

Griffin also became the target of one of Mamdani’s more unusual political videos, in which the mayor stood outside the billionaire’s Manhattan residence while promoting his proposal to impose higher taxes on second homes.

Even so, one Wall Street executive said the formation of the advisory council only deepened his suspicions about the mayor’s intentions.

“Remember the Saul Alinksy formula — deception is a tool for amassing power,” he told The Post, referring to the late Chicago radical.

Mamdani’s shakeup of the Mayor’s Fund also removed several well-known business figures, including BD Hotels principal Richard Born, GFP Real Estate Chairman Jeffrey Gural, Blackstone senior managing director Alex Katz, Citigroup executive Edward Skyler, and Real Estate Board of New York President James Whelan.

The mayor has also undertaken a major restructuring of the city’s Economic Development Corporation, directing the agency—which oversees city-owned property and economic development initiatives—to prioritize economic justice and housing affordability with the goal of narrowing the city’s wealth gap and expanding financial opportunities for lower-income New Yorkers.