Citigroup govt Ray McGuire considers working for New York mayor
McGuire, Vice Chairman of Citigroup and Chairman of Banking, Capital Markets and Advisory, has been requested by different Wall Avenue and company executives to purpose for the mayor’s workplace within the 2021 race as Invoice de Blasio’s second time period heads towards its finish, in response to individuals with direct information of the matter.
Whereas McGuire has not dominated out working, he’s at the moment devoted to Citi and has no quick plans to start out making ready for a candidacy, in response to the individuals, who declined to be named since these conversations have been deemed non-public.
Danielle Romero-Apsilos, a spokeswoman for Citi, didn’t deny that McGuire has privately talked about working for mayor.
“Mr. McGuire is solely targeted on his function at Citi; speak about him contemplating a run for mayor of New York Metropolis is pure hypothesis,” she informed CNBC.
De Blasio’s time period ends in January 2022. He just lately stated he has “no curiosity” in a 3rd time period as mayor. Legislation permits individuals to carry the workplace for 2 consecutive phrases. Previous to de Blasio’s tenure, nevertheless, billionaire mogul Mike Bloomberg served three consecutive phrases resulting from a short lived change within the legislation.
Discussions a couple of potential McGuire bid come as town is within the midst of a crossroads because it contends with an unpopular lame-duck mayor and a heated battle over a brand new bail-reform measure.
De Blasio has been again on the job full time since he struggled to achieve traction as a Democratic presidential candidate. His approval rankings suffered. A ballot taken simply earlier than he withdrew from the race in September, taken by Siena Faculty stated 58% of New York Metropolis voters ranked him as unfavorable whereas solely 27% noticed him in a good gentle.
New York state’s new bail reform legislation seems to be hurting the mayor’s workplace, as nicely. The legislation, which went into impact this month, eliminates, in some instances, cash bail and pretrial detention necessities. Nevertheless, after current tales of some suspects being let out solely to later commit against the law, there’s been outcry from conservative lawmakers and legislation enforcement authorities. Gov. Andrew Cuomo and de Blasio have since known as for modifications to the legislation.
McGuire could possibly be a reasonable voice the New York enterprise neighborhood for the reason that progressive de Blasio started his tenure. Fellow businessman Bloomberg, who’s working for the Democratic presidential nomination, served as mayor as a reasonable Republican after which an impartial previous to de Blasio’s election.
Past his work at Citi, McGuire had stints at Morgan Stanley and Merrill Lynch, after beginning his profession at New York-based First Boston Corp., which was finally acquired by Credit score Suisse. McGuire, who was raised in Dayton, Ohio, is credited with being a lead advisor on quite a few offers which might be estimated to be value over $600 billion mixed.
McGuire has additionally devoted himself to a variety of political points in between his duties at Citi. McGuire was considered one of 27 black leaders who condemned a mob that poured water on New York law enforcement officials final 12 months.
“As African-American leaders who’re proud to name New York Metropolis house and/or the place we work, we have been appalled on the current verbal assaults on and water dousing of law enforcement officials in Harlem and Brooklyn who gave the impression to be lawfully executing their tasks to maintain our communities secure and orderly,” they stated in a letter to the editor of The New York Occasions.
At a Yahoo Finance occasion in October, McGuire known as on People to come back collectively on a variety of points together with well being and wellness, local weather change and revenue inequality.
A New York journal, Metropolis & State, listed McGuire because the 63rd strongest black chief within the Huge Apple. De Blasio reappointed McGuire in 2015 to the Cultural Affairs Advisory Fee, which promotes “inexpensive housing and workspaces in order that NYC can stay a viable house for rising artists.”
McGuire has grow to be a participant in Democratic donor circles, together with being a key financier for these working for president. He was a member of Sen. Kamala Harris’ finance committee and just lately took half in a gathering that includes former Vice President Joe Biden’s marketing campaign chairman, together with different Wall Avenue leaders.
It was there the place McGuire informed Biden advisor Steve Ricchetti and the remainder of the group that he want to see the previous vice chairman keep related to 2 constituencies, in response to these aware of his remarks. One group consists of voters in the midst of Ohio, and the opposite consists of African American girls.