Raymond McGuire

Raymond J. McGuire (born January 23, 1957)[1] is an American businessman and political candidate who worked as an executive at Citigroup. In October 2020, McGuire announced his candidacy in the 2021 New York City mayoral election.

Not to be confused with Raymond Maguire.
Raymond McGuire
Born (1957-01-23) January 23, 1957
Dayton, Ohio, U.S.
EducationHarvard University (AB, JD, MBA)
Political partyDemocratic
Spouse(s)Crystal McCrary
Children3, including Cole Anthony (step)

Early life and education

McGuire was born in Dayton, Ohio and raised by his mother and grandparents.[2] Through scholarships, he attended the Hotchkiss School in Lakeville, Connecticut.[3] He then graduated with an A.B. from Harvard College in 1979. McGuire attended the University of Nice in France on a Rotary Fellowship in 1980.[4] In 1984, he received an M.B.A. from Harvard Business School and a Juris Doctor from Harvard Law School.[5]

Career

McGuire began working in finance in 1982 at First Boston. He was one of the original members of Wasserstein Perella & Co., Inc., and worked at Merrill Lynch & Co., Inc.[6] He spent several years at Morgan Stanley before moving to Citigroup in 2005, where he worked as the global co-head of investment banking.[7][8]

Prior to announcing his candidacy for mayor, McGuire was one of the highest-ranking and longest-serving African American business executives on Wall Street.[9] McGuire was also named as a candidate to serve as the president of the Federal Reserve Bank of New York, but the job went to John C. Williams. During his tenure at Citigroup, McGuire has served as a business advisor for the Time Warner Cable split, ConocoPhillips' acquisition of Burlington Resources, Koch Industries' acquisition of Georgia-Pacific, the sale of Electronic Data Systems to Hewlett-Packard, and others.[10]

An art collector, McGuire is the chairman of the Studio Museum in Harlem.[11] McGuire was a bundler to Barack Obama's presidential campaigns, and mentioned as a possible candidate for a position in the United States Department of the Treasury in 2013.[12][13]

2021 mayoral election
Main article: 2021 New York City mayoral election

After McGuire announced his 2021 candidacy for mayor of New York City, it was reported that he had received significant urging to run for mayor by members of the New York City business community.[14][15] Valerie Jarrett will serve as a co-chair of McGuire's campaign.[16][17] McGuire has pledged to focus his campaign on racial unrest amid the George Floyd protests and economic recovery from the COVID-19 pandemic.[18][19][20][21][22]

Three months after beginning his campaign, McGuire's campaign announced that it had raised $5 million, an unusually high sum for only three months. A significant portion of his contributions came from large donations from Wall Street, corporate America, the entertainment industry, and the real estate industry.[23] As of mid-January 2021, he had raised nearly $4.9 million from donors, spent about $1.1 million on his campaign, and had about $3.75 million left.[24]

Personal life

McGuire's wife, Crystal McCrary McGuire, is a television producer and novelist. McGuire has three step-children, including Cole Anthony, a National Basketball Association (NBA) player for the Orlando Magic and the son of Greg Anthony.[25][26]

References
  1. "Raymond J. McGuire's Biography". The HistoryMakers. Retrieved 2020-10-16.
  2. "Wall Street executive Ray McGuire joins NYC mayor's race". AP NEWS. 2020-10-15. Retrieved 2020-10-16.
  3. Mays, Jeffery C. (2020-10-15). "Ray McGuire, Wall Street Executive, Enters N.Y.C. Mayor's Race". The New York Times. ISSN 0362-4331. Retrieved 2020-10-16.
  4. Park, Sumner (September 30, 2020). "Citibank's Ray McGuire to run for NYC mayor". FOXBusiness.
  5. "Five things to know about Ray McGuire". City & State NY. October 21, 2020.
  6. "Citigroup Executives Mark Mason and Raymond McGuire Named to Black Enterprise's "100 Most Powerful Executives in Corporate America" List". www.citigroup.com.
  7. "Top Citi executive resigns to run for mayor". Crain's New York Business. October 15, 2020.
  8. Sorkin, Andrew Ross (2005-06-10). "Panache on Wall Street (Published 2005)". The New York Times. ISSN 0362-4331. Retrieved 2020-10-16.
  9. "Citigroup exec may announce mayoral run this week". www.radio.com. 2020-09-27. Retrieved 2020-10-16.
  10. "Raymond J. McGuire - Recent Speakers - The Economic Club of New York". www.econclubny.org. Retrieved 2020-10-16.
  11. Durón, Maximilíano (2020-10-15). "Raymond J. McGuire, Top Art Collector, Announces Run for New York City Mayor". ARTnews.com. Retrieved 2020-10-16.
  12. "Former Clinton Treasury Secretary Turned Obama Adviser Was Paid Tens of Millions by Bailed-Out Citigroup". CNSNews.com. 2008-11-24. Retrieved 2020-10-16.
  13. "Obama Said to Cinsider McGuire and Kramer for Treasury". Bloomberg.com. Retrieved 2020-10-16.
  14. Schwartz, Brian (2020-09-29). "Citigroup executive Ray McGuire seeks Wall Street leaders' support for likely NYC mayoral run". CNBC. Retrieved 2020-10-16.
  15. Rosa, Amanda (2020-10-16). "Could Ray McGuire Be N.Y.C.'s 2nd Black Mayor?". The New York Times. ISSN 0362-4331. Retrieved 2020-10-16.
  16. Castronuovo, Celine (2020-10-16). "Jacobin Editor-at-Large: Valerie Jarrett's support for Citigroup executive's mayoral campaign 'microcosm' of Democrats' relationship with Wall Street". TheHill. Retrieved 2020-10-16.
  17. "Will New York Go for Another Wall Streeter as Mayor?". The New York Times. 2020-10-16. ISSN 0362-4331. Retrieved 2020-10-16.
  18. "Cost Of Racism: U.S. Economy Lost $16 Trillion Because Of Discrimination, Bank Says". NPR.org. Retrieved 2020-10-16.
  19. Schwartz, Brian (2020-01-14). "Citigroup executive Ray McGuire, a political moderate, considers running for mayor of New York". CNBC. Retrieved 2020-10-16.
  20. Goldenberg, Sally; Anuta, Joe. "Citigroup exec Ray McGuire jumps into NYC mayor's race". Politico PRO. Retrieved 2020-10-16.
  21. "Top Citi Banker Ray McGuire Leaves to Pursue NYC Mayoral Run". Bloomberg.com. 2020-10-15. Retrieved 2020-10-16.
  22. Cohan, William D. ""I Could Easily Be George Floyd": Wall Street's Senior Black Banker Talks About Biggie and the Hope of BLM". Vanity Fair. Retrieved 2020-10-16.
  23. Mays, Jeffrey (2021-01-13). "Wall Street Favorite Raises $5 Million in Race for New York Mayor". The New York Times. Retrieved 2021-01-13.
  24. Samar Khurshid (January 18, 2021). "Major Financial Disparities in City's Large Mayoral Field". City Limits.
  25. Dauster, Rob (2019-11-06). "Rising Son: Cole Anthony remains grounded as he follows his father's footsteps". College Basketball | NBC Sports. Retrieved 2020-10-16.
  26. Schultz, Abby. "Collecting Pioneer". www.barrons.com. Retrieved 2020-10-16.
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