World News – US – Citigroup McGuire Vice President Runs For New York City Hall

Citigroup (C) – Get Report Vice President Raymond McGuire to quit his post at the financial services firm and prepare to seek the Democratic nomination for New York mayor

McGuire, one of Wall Street’s most senior and longest-serving African-American leaders, will make the announcement Thursday, The New York Times reported, eight months before the primary

McGuire, 63, was one of three finalists in 2018 to become president of the Federal Reserve Bank of New York

Michael Corbat, CEO of Citigroup, and Paco Ybarra, head of the bank’s institutional client group, said in a joint statement that they thanked McGuire « for his unique leadership and dedicated service to our company since his arrival. at Citi in 2005 « 

“Ray has been a trusted and valued torchbearer, colleague and friend, admired by colleagues at Citi, staff at our facilities at C-suite and on the board,” the statement continued. join us in congratulating Ray on this next phase of his impact journey and wishing him success « 

McGuire, who is also president of banking, capital markets and consulting, said he would not participate in the city’s matching campaign fundraising scheme, which would allow him to accept more donations. important

McGuire was born in Ohio and educated at Harvard He worked at Merrill Lynch and Morgan Stanley He was outspoken on matters concerning the police and the black community

After George Floyd died at the hands of Minneapolis police officers, McGuire told CNBC the murder was « cold-blooded murder » and called on business leaders to take action to combat the racism

McGuire is said to be looking to move into Gracie Mansion at a time when the coronavirus pandemic has worsened New York’s financial outlook

The city faces the loss of at least $ 9 billion in tax revenue over the next two fiscal years, which could lead to the layoff of tens of thousands of city workers

There are also a growing number of declared and probable candidates, including Brooklyn Borough President Eric Adams; Scott M Stringer, the city controller; and Dianne Morales, former nonprofit executive

Municipal laws prevent current mayor Bill de Blasio from running for a third consecutive term

“New York has given me the opportunity to be tremendously successful,” McGuire said in an interview with The Times “Now New York is in a financial crisis that’s exploded into a bunch of crises – education, health and criminal justice If there is a time in history where my skills can help lead, this is it « 

Raymond J McGuire, Citigroup, Mayor of New York, Bill de Blasio, Mike Bloomberg, Wall Street