Citigroup Executive Raymond McGuire Plans to Enter NYC Mayoral Race

There is already a contender for the role of Mayor of New York. According to The New York Post, Citigroup Vice Chairman Raymond McGuire aspires to become New York City’s second black mayor.

McGuire, who is vice chairman of Citigroup and chairman of Banking, Capital Markets, and Advisory, is being encouraged to run for the mayor’s office by other Wall Street and corporate executives. In 2015, McGuire was appointed by Mayor Bill De Blasio to the Cultural Affairs Advisory Commission.

According to an earlier report by the New York Post, the Black Economic Alliance, which is comprised of senior black business people like Viacom’s Marva Smalls and Lazard’s William M. Lewis Jr., wants to see more people of color elected to public office.

“That group is saying, ‘Why don’t we sort of replicate Bloomberg in terms of having someone who’s got an understanding of business and the economy rather than a professional politician,” the source said.

McGuire is a donor for the Democratic party and he recently served on Sen. Kamala Harris’ finance committee for her failed presidential run. He has also served on several boards throughout the city, including the New York City Police Foundation, the Whitney Museum of American Art, and as a trustee of New York-Presbyterian Hospital.

New York City law doesn’t allow a mayor to serve more than two consecutive terms, although prior to De Blasio’s election win, former Mayor Mike Bloomberg, who is currently running in the presidential election, served three consecutive terms after making a temporary change in the law. De Blasio’s current term ends in January 2022.

McGuire serves on several boards including the Alex Hillman Family Foundation, the American Museum of Natural History, the Carnegie Endowment for International Peace, the Citi Foundation, the De La Salle Academy (Chairman Emeritus), the Harvard Club of New York, the Hotchkiss School, the New York City Police Foundation, the New York-Presbyterian Hospital, the New York Public Library (Executive Committee and Co-Chairman Nominating Committee), the Studio Museum in Harlem (Chairman), and Think450.