New York City Mayor Zorhan Mamdani has assembled a business advisory council comprising more than a dozen executives from Wall Street, real estate, healthcare, and other sectors, aiming to provide strategic guidance on revitalizing the city’s economy amid slow job growth and budget constraints. The mayor’s office announced the appointments on Thursday, releasing a roster that includes 115 business leaders, including prominent figures such as Scott Rechler, CEO of RXR Realty; Hamdi Ulukaya, founder of Chobani; Kevin Ryan, a New York tech investor; and Priscilla Sims Brown, CEO of Amalgamated Bank.
The new council notably excludes top executives from some of the city’s largest financial institutions—such as JPMorgan Chase, Citigroup, American Express, and BlackRock—and major technology companies like Meta and Alphabet. However, the healthcare sector features prominently, reflecting its role as a key source of employment growth in the city. The list also includes retired senior executives from Wall Street such as Robert Wolf, former CEO of UBS Americas; Antonio Weiss, ex-head of global investment banking at Lazard; and Tony James, former president and COO of Blackstone.
The creation of this advisory body comes as the mayor and the city’s business leadership seek to forge a working relationship despite lingering tensions. Critics in the business community have expressed skepticism about Mamdani’s economic approach, citing his slow appointment of an economic development chief and his controversial statements on Israel. Mamdani is the first New York mayor in this century not to appoint a deputy mayor for economic development.
City Hall reportedly reached out to additional high-profile figures including Jose Tavarez, president of Bank of America’s New York City operations; Ken Chenault, former CEO of American Express; and private equity executive Charles Phillips, though they did not join the council. Mamdani’s spokesperson noted that some executives declined due to time commitments, company policies, or concerns about media scrutiny, but did not elaborate on individual conversations.
In a statement, Mayor Mamdani underscored the council’s role in contributing “experience and strategic guidance” to foster a more dynamic local economy. “This council brings together the people building the next generation of New York’s economy — in finance, tech, life sciences and beyond — to help us double down on what makes this city the best place on Earth to start a company, grow a business and build a career,” he said.
The announcement has sparked debate within Wall Street circles over whether participating in the council amounts to endorsing policies they might oppose. Some executives saw potential benefits in influencing policy, while others worried about the perception of support for Mamdani’s democratic socialist agenda. Hamdi Ulukaya commented, “The biggest challenges we face cannot be solved by business or government alone,” signaling the need for collaboration despite differing views.
Among other advisory council members are fashion designer Brandon Blackwood, housing investor Rafael Cestero, sports executive Keia Clarke, healthcare leaders John D’Angelo and Pat Wang, entrepreneur Kruti Patel Goyal, restaurateur Marcus Samuelsson, and entertainment executive Doug Steiner.
Scott Rechler, CEO of RXR Realty, acknowledged his concerns about the mayor’s anti-Israel rhetoric but emphasized the importance of engagement. “I’ll work with any leader for the good of our city or our state, and I’m not going to necessarily agree with all of their positions,” he said.
The council is expected to convene quarterly, with its inaugural meeting scheduled for the fall.