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Raymond McGuire

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Not to be confused with Raymond Maguire.

Ray McGuire
Born (1957-01-23) January 23, 1957 (age 67)
Dayton, Ohio, U.S.
EducationHarvard University (AB, JD, MBA)
Political partyDemocratic
SpouseCrystal McCrary
Children3, including Cole Anthony (step-son)

Raymond J. McGuire (born January 23, 1957)[1] is an American businessman. As of 2023 he is the president of the international financial services and investment banking firm Lazard, and is based in its New York headquarters. Previously, he worked for 15 years as a senior executive at Citigroup, following executive positions at Merrill Lynch and Morgan Stanley. He was a candidate in the 2021 New York City Democratic mayoral primary.

Early life and education

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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 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

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McGuire began working in finance in 1982 at First Boston.[6] He was next one of the original members of the investment bank Wasserstein Perella & Co., and then was managing director in the mergers and acquisitions group at Merrill Lynch.[7] He subsequently spent several years as global co-head of mergers and acquisitions at Morgan Stanley.[7][6]

He moved to Citigroup in 2005, where he initially worked as the global co-head of investment banking.[8][6] In 2009, he became sole head of global banking;[9][10][1] by 2012, this title had changed to global head of corporate and investment banking.[11][12] In 2018 he became vice chairman of Citigroup, and chairman of Citigroup's banking, capital markets and advisory business.[8][13][14] During his tenure at Citigroup, McGuire served as business advisor for a number of major deals, including the Time Warner Cable split, ConocoPhillips' acquisition of Burlington Resources, Koch Industries' acquisition of Georgia-Pacific, and the sale of Electronic Data Systems to Hewlett-Packard.[13]

Prior to announcing his candidacy for mayor in late 2020, McGuire was one of the highest-ranking and longest-serving African American business executives on Wall Street.[15][16] He was a bundler to Barack Obama's 2008 presidential campaign,[17] and was mentioned as a possible candidate for a position in the U.S. Department of the Treasury in 2013.[15] In 2018 he was 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.[18]

In 2023 he was appointed president of the financial services and investment banking firm Lazard, with responsibility for strengthening relationships with banking clients and institutional investors, attracting new talent, and assisting the firm's global expansion.[19] He is based in Lazard's New York offices.[19]

An art collector, McGuire is the chairman of the Studio Museum in Harlem and a trustee of the Whitney Museum.[20] In addition to being on the boards of numerous not-for-profit institutions, he is a director at several corporations including Hess Corporation, Vornado Realty Trust, and KKR & Co.[21]

2021 mayoral election

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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.[3] Valerie Jarrett was co-chair of his campaign.[22][23] McGuire pledged to focus his campaign on racial unrest amid the George Floyd protests and economic recovery from the COVID-19 pandemic.[24][25][26][27][28]

Three months after beginning his campaign, McGuire had raised $5 million with notable contributions from the business community.[29]

In May 2021, when The New York Times editorial board asked eight mayoral candidates the median sales price for a home in Brooklyn, McGuire and fellow candidate Shaun Donovan greatly underestimated the amount. Nicole Gelinas, a senior fellow at the Manhattan Institute, characterized their estimates as being "out of touch with what’s going on in the city".[30]

McGuire ultimately finished in seventh place, with 2.3% of the vote.[31]

Personal life

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McGuire is married to Crystal McCrary McGuire, a television producer and novelist. He has one child with his wife, plus two step-children from her previous marriage to Greg Anthony, including Cole Anthony, a National Basketball Association (NBA) player for the Orlando Magic.[32][33][34]

References

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  1. ^ a b "Raymond J. McGuire". The History Makers. July 12, 2013. 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. ^ a b Mays, Jeffery C. (October 15, 2020). "Ray McGuire, Wall Street Executive, Enters N.Y.C. Mayor's Race". The New York Times. Retrieved October 15, 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. ^ a b c Sorkin, Andrew Ross (June 10, 2005). "Panache on Wall Street (Published 2005)". The New York Times. ISSN 0362-4331. Retrieved October 16, 2020.
  7. ^ a b "Citigroup Executives Mark Mason and Raymond McGuire Named to Black Enterprise's '100 Most Powerful Executives in Corporate America' List". www.citigroup.com. March 2, 2009. Archived from the original on January 24, 2022.
  8. ^ a b "Top Citi executive resigns to run for mayor". Crain's New York Business. October 15, 2020.
  9. ^ "Citi Names McGuire as Sole Head of Global Banking". The New York Times. July 8, 2009. Retrieved December 13, 2024.
  10. ^ Hofman, Abigail (November 4, 2009). "Off with their heads". Euromoney. Retrieved December 19, 2024. McGuire, Citi's head of global banking, .... McGuire, who joined Citi from Morgan Stanley in 2005, was appointed to his present role this summer.
  11. ^ Heyman, Marshall (September 13, 2012). "Party-Hopping, Collage to College". The Wall Street Journal. Retrieved December 19, 2024.
  12. ^ Zeder, Jeri (October 1, 2012). "Jointly Held". Harvard Law Bulletin. Harvard Law School. Retrieved December 19, 2024.
  13. ^ a b "Raymond J. McGuire - Recent Speakers - The Economic Club of New York". www.econclubny.org. June 23, 2020. Archived from the original on October 21, 2020.
  14. ^ Armstrong, Robert; Noonan, Laura (September 10, 2018). "Citigroup late in the game to merge key investment bank units". Financial Times. Retrieved December 16, 2024.
  15. ^ a b "Obama Said to Cinsider McGuire and Kramer for Treasury". Bloomberg.com. Retrieved October 16, 2020.
  16. ^ "Citigroup exec may announce mayoral run this week". www.radio.com. September 27, 2020. Retrieved October 16, 2020.
  17. ^ Ratner, Lizzy (March 19, 2007). "The Bundling of the President, 2008". Observer. Retrieved December 17, 2024.
  18. ^ Casselman, Ben (April 3, 2018). "New York Fed Names John Williams President, Bucking Calls for Diversity". The New York Times. Retrieved December 16, 2024.
  19. ^ a b Basak, Sonali (March 8, 2023). "Top Wall Street Banker Ray McGuire Joins Lazard as President". Bloomberg News. Retrieved December 18, 2024.
  20. ^ Durón, Maximilíano (October 15, 2020). "Raymond J. McGuire, Top Art Collector, Announces Run for New York City Mayor". ARTnews.com. Retrieved October 16, 2020.
  21. ^ "Raymond J. McGuire". Hutchins Center for African and African American Research. 2022. Archived from the original on March 18, 2023.
  22. ^ 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.
  23. ^ "Will New York Go for Another Wall Streeter as Mayor?". The New York Times. October 16, 2020. ISSN 0362-4331. Retrieved October 16, 2020.
  24. ^ "Cost Of Racism: U.S. Economy Lost $16 Trillion Because Of Discrimination, Bank Says". NPR.org. Retrieved October 16, 2020.
  25. ^ Schwartz, Brian (January 14, 2020). "Citigroup executive Ray McGuire, a political moderate, considers running for mayor of New York". CNBC. Retrieved October 16, 2020.
  26. ^ Goldenberg, Sally; Anuta, Joe (October 15, 2020). "Citigroup exec Ray McGuire jumps into NYC mayor's race". Politico PRO. Retrieved October 16, 2020.
  27. ^ "Top Citi Banker Ray McGuire Leaves to Pursue NYC Mayoral Run". Bloomberg.com. October 15, 2020. Retrieved October 16, 2020.
  28. ^ 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.
  29. ^ 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.
  30. ^ 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.
  31. ^ "Ray McGuire Appears to Wind Down NYC Mayoral Campaign". June 29, 2021.
  32. ^ "Ray McGuire on Housing, Real Estate and His Story". January 14, 2021.
  33. ^ 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.
  34. ^ Schultz, Abby. "Collecting Pioneer". www.barrons.com. Retrieved October 16, 2020.
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