World News – US – Ray McGuire leaves Citigroup to run for mayor of New York

Ray McGuire, a senior Citigroup executive, is set to quit the bank and run for mayor of New York

McGuire is vice chairman of Citigroup and chairman of banking, financial markets and consulting He has been discussing his mayoral bid in private since January

« We’re in a war for the survival of this great city Without a doubt, we can do it From the streets to the suites, » McGuire told CNBC, confirming his intention to announce his departure from the bank on Thursday and to start the race

Michael Corbat, CEO of Citi, and Paco Ybarra, CEO of the bank’s institutional clients group, informed employees on Thursday that McGuire will be leaving to « explore opportunities that will allow him to pursue his lifelong passion for public service « , according to a note obtained by CNBC

McGuire walks into a crowded Democratic primary field for the office of Mayor Maya Wiley, former attorney for Mayor Bill de Blasio, recently announced her entry into the race She was previously a legal analyst for MSNBC De Blasio’s term ends on first day of 2022

McGuire will be surrounded by what a source familiar with the campaign called a “team” Charles Phillips, one of McGuire’s closest friends and former Infor CEO, advised him on his candidacy for the town hall

Valerie Jarrett, a long-time close advisor to President Barack Obama, will act as McGuire’s campaign co-chair, according to someone with direct knowledge of the matter

« NYC faces its biggest economic challenge in decades and we need to execute it with determination and efficiency, » Phillips told CNBC « Ray is the right person to lead and unify the city to create something better when we go through this situation He took the time to prepare and he is more than ready to outdo everyone « 

Others are expected to be named co-chairs in the coming weeks, including director Spike Lee, a source added.

McGuire has spoken on key policing and black community issues

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

He recently wrote a preface to a Citi report titled « Closing the Racial Inequality Gaps » « In the introduction, the bank executive reflects on how he is viewed as a black man

« Yet even today, with all of these references and as one of the top executives on Wall Street, I’m still considered a six-foot-four, two-hundred-pound black man first and foremost everywhere. where I go… ???? even in my own neighborhood I could have been George Floyd, ”he writes

Data is a real-time snapshot * Data is delayed by at least 15 minutes Global business and financial news, stock quotes and market data and analysis

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