| Stephanie Keith; Michael M. Santiago / Getty Images |
| THE BIG STORY Mamdani vs. Cuomo Wall Street’s stance on New York’s mayoral race might surprise you. At first glance, you might think the choice between Andrew Cuomo and Zohran Mamdani is clear-cut for finance workers. Mamdani, a democratic socialist, appears to represent the antithesis of everything Wall Street is about. But a Business Insider analysis of donation data shows a much more even split between the two candidates — at least when it comes to the number of people donating to their campaigns.Across 400 financial companies, 401 workers donated to Mamdani’s campaign compared to 397 backing Cuomo. The gap, however, is much larger when considering the amount of money spent.Cuomo received 88% of the money donated, with the average amount sent to Cuomo ($1,006) dwarfing what Mamdani received ($131). When including PAC spending, Cuomo holds an even bigger edge, with 95% of the more than $9 million donated from the financial industry going to pro-Cuomo or anti-Mamdani efforts. That differential is representative of the type of finance workers backing both candidates. Front-office employees (think dealmakers and investors) are largely team Cuomo, while back-office workers (administrative-type roles or those in tech) lean toward Mamdani. |
| BIStill, there’s no guarantee the status quo will remain until Election Day.Tonight marks the first debate between Mamdani and Cuomo. (I suppose I should mention Republican nominee Curtis Silwa is also on the ticket, so here’s me saying that.)And as much as finance executives don’t like Mamdani and his politics (and some of them really don’t like him), they’re likely not fans of pouring money into a losing effort. Mamdani holds a double-digit lead in almost every major poll. If prediction markets are more your speed, Mamdani’s got an 88% chance of winning according to Polymarket. Outside a major slip-up in tonight’s debate, or some other unforeseen event, Mamdani has a really good chance at being Gotham City’s next mayor. And if that’s the case, some on Wall Street could change their tune. I’m not suggesting you’ll start seeing managing directors wearing Mamdani swag. But some might soften their stance to gain favor with the potential new top politician in town. If the past year has taught us anything, it’s that businesses can be flexible when it comes to politics. (Case in point: JPMorgan’s Jamie Dimon said he’d help Mamdani, who he once described as “more of a Marxist than a socialist,” if he wins.)Still, there are those who aren’t prepared to give up their fight against Mamdani. Billionaire hedge funder Bill Ackman made a seven-figure donation to an anti-Mamdani super PAC as recently as Wednesday.If Mamdani ultimately wins, that could also mean another financial exodus, perhaps to Florida, like we saw during the pandemic or maybe it’ll be the big push “Y’all Street” has been preparing for.Either way, the rest of the country will be watching. If Mamdani wins, businesses and their leaders will be eager to see how the world’s financial epicenter reacts to the arrival of a democratic socialist at the helm.Read the full story |
