Citibank's Ray McGuire to run for NYC mayor
The Citibank exec is one of the most distinguished Black executives on Wall Street
The newest potential contender for NYC’s mayoral race is one of Wall Street’s most distinguished Black executives.
Ray McGuire, global head of Citibank’s corporate and investment banking, is leaving Citigroup to make a play to fill de Blasio’s seat for mayor in 2022.
"Ray McGuire has informed us that he has decided to leave Citi to explore opportunities that will allow him to pursue his lifelong passion for public service" said Citigroup CEO Mike Corbat and Paco Ybarra, CEO of the Institutional Clients Group, in a memo obtained by FOX Business.
McGuire’s entry into the race comes on the heels of a progressive two-term tenure under de Blasio, who has faced criticism for his handling of the economic collapse from coronavirus, George Floyd riots and the new bail-reform measure.
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McGuire, a Democrat, has made contributions to Sen. Kamala Harris’ presidential campaign and thrown in support for former Vice President Joe Biden’s candidacy. However, his moderate platform could be a refreshing change of pace for New Yorkers following de Blasio’s widespread disapproval. And his emphasis on social reform has been pronounced, with a recent report that highlights the economic costs of racial discrimination.
Here are five things to know about the prospective mayoral candidate:
He is a longtime Wall Street player
Before McGuire landed a top position at Citibank, McGuire worked at Morgan Stanley, Merrill Lynch and as one of the original members and managing directors at Wasserstein Perella & Co. He began his career at First Boston Corp., which eventually became Credit Suisse.
McGuire’s resume includes advising some of the largest M&A deals of all time. When he became the co-head of mergers and acquisitions at Morgan Stanley, he spearheaded the $19.8 billion sale of Nabisco Holdings to Phillip Morris Co. in 2000, as well as Pfizer’s sale of its Schick Wilkinson Sword business to Energizer for $930 million in 2003.
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He also represented Time Warner in its $45 billion separation from Time Warner Cable. It is estimated that his deals are worth more than $600 billion total.
He has piled up degrees from Harvard
The Ohio native graduated from Harvard College in 1979 before he went back to obtain an MBA from Harvard Business School and a law degree in 1984. In between college and graduate schools, he attended the University of Nice, France, on a Rotary Fellowship.
Harvard Business School presented him with the Alumni Professional Achievement Award.
He is an influential African American business leader
McGuire has been recognized as one of the most accomplished African Americans in finance.
Black Enterprise magazine named McGuire as one of the “Top 50 African Americans on Wall Street” in 2002, and a prominent New York magazine, City & State, ranked him as the 63rd most powerful Black leader in NYC.
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His wife is a filmmaker and author
McGuire is not the only powerhouse figure of his family. His wife, Crystal McCrary, is a lawyer and the co-creator of the BET show “Leading Women.” In addition to co-authoring New York Times best-selling novels "Homecourt Advantage" and "Gotham Diaries," she has also co-hosted "The View."
The couple has three children.
He is an art aficionado
McGuire’s enthusiasm for art is evident throughout his Manhattan apartment. Works by 20th-century African American photographers, painters and sculptors adorn nearly every room. Paintings by postwar abstract artist Sam Gilliam and British painter Lynette Yiadom-Boakye, who is known for her enigmatic portraits of fictitious subjects, also deck the walls of the dining and living room areas. His collection of mid-century and contemporary pieces includes artists like Charles Alston, Elizabeth Catlett, Julie Mehretu and Glenn Ligon. Historic African art can also be found woven through the rooms of his home.
When he is not collecting African American and African art, he is advocating for it. McGuire serves on the board of the Whitney Museum of American Art and as the board chairman of the Studio Museum in Harlem.