Mamdani wants to form business panel with ex-Lazard, UBS bankers

Mayor Zohran Mamdani's administration is seeking to establish a Business Advisory Council, comprised of distinguished business leaders from various industries such as real estate, finance, and technology. The council's purpose is to provide guidance and input as the administration develops its economic development strategy to enhance life for all New Yorkers.

Mamdani has previously dissolved an advisory board that raised funds for the Mayor’s Fund to Advance New York City. The administration is reaching out to executives from UBS Group AG, Lazard Inc., and Bank of America Corp. to join the council, although the final composition remains undecided. The effort reflects Mamdani's efforts to forge a distinct relationship with the business community, emphasizing working New Yorkers and advocates in the Mayor’s Fund.

While most mayors have advisory groups, experts suggest that true independence is crucial for the council to effectively manage the city.