Raymond McGuire

Raymond J. McGuire (born January 23, 1957)[1] is an American businessman and political candidate who worked as an executive at Citigroup. McGuire was an unsuccessful candidate in the 2021 New York City Democratic mayoral primary.

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
SpouseCrystal McCrary McGuire
Children3, including Cole Anthony (step-son)

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 a B.A. 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] He was a bundler to Barack Obama's presidential campaigns, and mentioned as a possible candidate for a position in the U.S. Department of the Treasury in 2013.[12]

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

In October 2020, McGuire announced he would run for Mayor of New York City in 2021.[13] Valerie Jarrett was announced to serve as a co-chair of McGuire's campaign.[14][15] McGuire has pledged to focus his campaign on racial unrest amid the George Floyd protests and economic recovery from the COVID-19 pandemic.[16][17][18][19][20]

Three months after beginning his campaign, McGuire had raised $5 million with notable contributions from the business community.[21]

In a May 2021 interview with The New York Times, McGuire greatly underestimated the median cost of a home in Brooklyn. Nicole Gelinas, a senior fellow at the Manhattan Institute, characterized his estimate as being "out of touch with what’s going on in the city."[22]

McGuire ultimately finished in seventh place, with 2.3% of the vote.[23]

Personal life

McGuire's wife, Crystal McCrary McGuire, is a television producer and novelist. She has three children—one with McGuire and two from a previous marriage. McGuire has two step-children, including Cole Anthony, a National Basketball Association (NBA) player for the Orlando Magic and the son of Greg Anthony.[24][25][26]

References
  1. "Raymond J. McGuire's Biography". The HistoryMakers. Retrieved October 16, 2020.
  2. "Wall Street executive Ray McGuire joins NYC mayor's race". AP NEWS. October 15, 2020. Retrieved October 16, 2020.
  3. Mays, Jeffery C. (October 15, 2020). "Ray McGuire, Wall Street Executive, Enters N.Y.C. Mayor's Race". The New York Times. ISSN 0362-4331. Retrieved October 16, 2020.
  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 (June 10, 2005). "Panache on Wall Street (Published 2005)". The New York Times. ISSN 0362-4331. Retrieved October 16, 2020.
  9. "Citigroup exec may announce mayoral run this week". www.radio.com. September 27, 2020. Retrieved October 16, 2020.
  10. "Raymond J. McGuire - Recent Speakers - The Economic Club of New York". www.econclubny.org. Retrieved October 16, 2020.
  11. Durón, Maximilíano (October 15, 2020). "Raymond J. McGuire, Top Art Collector, Announces Run for New York City Mayor". ARTnews.com. Retrieved October 16, 2020.
  12. "Obama Said to Cinsider McGuire and Kramer for Treasury". Bloomberg.com. Retrieved October 16, 2020.
  13. "Ray McGuire, Wall Street Executive, Enters N.Y.C. Mayor's Race". New York Times. October 15, 2020. Retrieved October 15, 2020.
  14. Castronuovo, Celine (October 16, 2020). "Jacobin Editor-at-Large: Valerie Jarrett's support for Citigroup executive's mayoral campaign 'microcosm' of Democrats' relationship with Wall Street". TheHill. Retrieved October 16, 2020.
  15. "Will New York Go for Another Wall Streeter as Mayor?". The New York Times. October 16, 2020. ISSN 0362-4331. Retrieved October 16, 2020.
  16. "Cost Of Racism: U.S. Economy Lost $16 Trillion Because Of Discrimination, Bank Says". NPR.org. Retrieved October 16, 2020.
  17. Schwartz, Brian (January 14, 2020). "Citigroup executive Ray McGuire, a political moderate, considers running for mayor of New York". CNBC. Retrieved October 16, 2020.
  18. Goldenberg, Sally; Anuta, Joe. "Citigroup exec Ray McGuire jumps into NYC mayor's race". Politico PRO. Retrieved October 16, 2020.
  19. "Top Citi Banker Ray McGuire Leaves to Pursue NYC Mayoral Run". Bloomberg.com. October 15, 2020. Retrieved October 16, 2020.
  20. Cohan, William D. (June 30, 2020). ""I Could Easily Be George Floyd": Wall Street's Senior Black Banker Talks About Biggie and the Hope of BLM". Vanity Fair. Retrieved October 16, 2020.
  21. Mays, Jeffrey (January 13, 2021). "Wall Street Favorite Raises $5 Million in Race for New York Mayor". The New York Times. Retrieved January 13, 2021.
  22. Mihir Zaveri, Mihir (May 11, 2021). "It's a Home in Brooklyn. What Could It Cost? $100,000?". New York Times. Retrieved May 12, 2021.
  23. "Ray McGuire Appears to Wind Down NYC Mayoral Campaign". June 29, 2021.
  24. "Ray McGuire on Housing, Real Estate and His Story". January 14, 2021.
  25. Dauster, Rob (November 6, 2019). "Rising Son: Cole Anthony remains grounded as he follows his father's footsteps". College Basketball | NBC Sports. Retrieved October 16, 2020.
  26. Schultz, Abby. "Collecting Pioneer". www.barrons.com. Retrieved October 16, 2020.

Bibliography
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