Mayor Zohran Mamdani's administration is reaching out to a trio of senior Wall Street figures to form a Business Advisory Council, according to people familiar with the matter who asked not to be named discussing early-stage conversations.
Among those approached are Robert Wolf, former chief executive of UBS Americas and a prominent Democratic donor; Antonio Weiss, who served as counselor to the Treasury Secretary during the Obama administration after more than two decades at Lazard; and Jose Tavarez, who oversees Bank of America's New York business. All three declined to comment. The final makeup of the council remains undecided.
'The administration is in the process of reaching out to business executives to form a Business Advisory Council,' a spokesperson for the Mayor's Office said in an emailed 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.'
The spokesperson did not respond to questions about membership or timing.
The outreach arrives as Mamdani simultaneously disbands a separate advisory board of corporate leaders that helped raise millions of dollars for the Mayor's Fund to Advance New York City, a government-affiliated nonprofit that channels private donations to City Hall priorities. When outlining plans to remake the Mayor's Fund in April, the mayor's office said it would no longer be centered on corporate leadership but on 'working New Yorkers and advocates who organized and fought for bold and progressive action.'
Mamdani has been at odds with much of New York's business elite as he pursues higher taxes on wealthy residents and large corporations, and has clashed with prominent billionaires including Citadel's Ken Griffin and Amazon founder Jeff Bezos. He has also steered the city's Economic Development Corporation toward a focus on 'economic justice and affordability.'
The new council would advise on real estate, finance, and technology policy, according to the sources. Kathy Wylde, former president of the Partnership for New York City, noted that the approach is not unprecedented. 'Most mayors have a kitchen cabinet of business leaders they turn to for input on the economy and relevant policy issues,' she said.
Bill Cunningham, a political strategist who served under former Governor Hugh Carey and later as former Mayor Michael Bloomberg's communications director at City Hall, offered a pointed caveat: 'Such a council could face limits unless it's truly independent and willing to rein in the mayor when needed.'
---
CEO Times take: The numbers come first — and the number that matters here is the tax bill Mamdani is already writing for the very executives he is now calling for advice. A business council that exists to rubber-stamp a pre-set agenda of higher levies and 'economic justice' mandates is not an advisory body; it is a photo opportunity. Capital rewards clear rules, and New York's business community has watched this mayor dismantle the old corporate fundraising board while simultaneously seeking Wall Street's credibility. Real free-enterprise counsel requires independence — the kind that can say no to a mayor, not just nod along. Whether Wolf, Weiss, Tavarez or anyone else of standing will accept that arrangement on Mamdani's terms remains, as the sources acknowledge, very much undecided.
