Citigroup Vice Chairman Ray McGuire — a mainstay in elite Wall Street investment banking circles for the past three decades — is poised to declare his candidacy to run for mayor of New York City in 2021 with a formal announcement coming as early as this week, FOX Business has learned.
If McGuire does decide to run, he will likely run as a Democrat in a city that is dominated by progressive politicians such as the current mayor, Bill de Blasio, who is leaving office because of term limits, according to Democratic political advisers interviewed by FOX Business. But he is likely to campaign as a moderate, particularly on fiscal issues and will attempt to reconfigure the socially liberal but pro-business coalition that propelled another wealthy Wall Streeter, Michael Bloomberg, to mayor.
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McGuire could ultimately decide against entering a political battle that would force him to leave his cushy, high paying job at Citigroup for the cauldron of New York City politics. Still, people close to him say he has indicated he's highly likely to enter the race, having spent a significant amount of time over the summer months during the city’s coronavirus pandemic lockdown, discussing the matter with potential donors and advisers.
And if he does go for it, McGuire is said to have the blessing and support of key members of the Bloomberg team, if not the former mayor himself, people close to the matter told FOX Business.
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McGuire serves on Citi's board of directors with Bloomberg’s partner Diana Taylor and is close to others who worked for the former mayor.
A spokesman for Bloomberg told FOX Business that the mayor isn't making any immediate endorsements. Taylor could not be reached for comment. McGuire didn't return calls and text messages for comment; a Citigroup spokeswoman declined comment.
In recent weeks, Mr. McGuire has taken significant steps indicating his plans to run — retaining advance teams and hiring security, according to people with direct knowledge. His candidacy would come as the city faces its most severe fiscal crisis since the 1970s, when the Big Apple nearly fell into bankruptcy amid years of mounting debt, high crime and the disappearance of its middle class.
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McGuire, 63, has been a Wall Street banker for 36 years and his financial acumen as the city struggles with pandemic-induced fiscal strife— which includes many of the ills that nearly sank the city in the 1970 — could be a selling point for his candidacy. He is among the top financial executives in the country and during his long career, he has done business with some of the biggest companies in Corporate America including deal-making for Conoco Phillips and Time Warner to name a few.