Wall Street was preparing to work alongside Zohran Mamdani a day after the democratic socialist won the New York City mayoral race, a win set to reverberate through the heart of global capitalism as financiers worry the city's competitiveness and business appeal could suffer.
New York's mayor has no direct oversight over Wall Street, but the role plays into perceptions of whether the city is business-friendly. Wall Street and the finance industry had broad misgivings about Mamdani becoming mayor, but many are hopeful he will moderate his positions or face roadblocks to hiking taxes on corporations and the wealthy.
"We have a deep interest in New York City to make sure it's successful," Bank of America CEO Brian Moynihan said at the bank's investor day in Boston on Wednesday. "It's of high interest to us, and making sure that he gets the best advice from those teammates is important to us."
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