Raymond McGuire

Last updated

Ray McGuire
Ray McGuire (cropped).jpg
Born (1957-01-23) January 23, 1957 (age 67)
Dayton, Ohio, U.S.
Education Harvard University (AB, JD, MBA)
Political party Democratic
Spouse Crystal 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.

Contents

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 stands at 6 foot 4 inches tall.

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

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

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 (”somewhere in the $80,000 to $90,000 range, if not higher”) and fellow candidate Shaun Donovan greatly underestimated the amount, which was $900,000. 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

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]

Related Research Articles

<span class="mw-page-title-main">Morgan Stanley</span> American financial services company

Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in 41 countries and more than 90,000 employees, the firm's clients include corporations, governments, institutions, and individuals. Morgan Stanley ranked No. 61 in the 2023 Fortune 500 list of the largest United States corporations by total revenue and in the same year ranked #30 in Forbes Global 2000.

<span class="mw-page-title-main">Citigroup</span> American multinational investment bank and financial services corporation

Citigroup Inc. or Citi is an American multinational investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, the bank holding company for Citibank, and Travelers; Travelers was spun off from the company in 2002.

<span class="mw-page-title-main">Citibank</span> American banking company

Citibank, N.A. is the primary U.S. banking subsidiary of Citigroup, a financial services multinational corporation. Citibank was founded in 1812 as City Bank of New York, and later became First National City Bank of New York. The bank has branches in 19 countries. The U.S. branches are concentrated in six metropolitan areas, New York City, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami.

<span class="mw-page-title-main">Robert Rubin</span> American banking executive, lawyer, and government official

Robert Edward Rubin is an American retired banking executive, lawyer, and former government official. He served as the 70th U.S. Secretary of the Treasury during the Clinton administration. Before his government service, he spent 26 years at Goldman Sachs, eventually serving as a member of the board and co-chairman from 1990 to 1992.

Morgan Stanley Wealth Management is an American multinational financial services corporation specializing in retail brokerage. It is the wealth & asset management division of Morgan Stanley. On January 13, 2009, Morgan Stanley and Citigroup announced that Citigroup would sell 51% of Smith Barney to Morgan Stanley, creating Morgan Stanley Smith Barney, which was formerly a division of Citi Global Wealth Management. The combined brokerage house has 17,646 financial advisors and manages $2 trillion in client assets. Clients range from individual investors to small- and mid-sized businesses, as well as large corporations, non-profit organizations and family foundations.

<span class="mw-page-title-main">Lazard</span> American investment bank

Lazard Inc. is a financial advisory and asset management firm that engages in investment banking, asset management and other financial services, primarily with institutional clients. It is the world's largest independent investment bank, with principal executive offices in New York City, Paris and London.

<span class="mw-page-title-main">Salomon Brothers</span> Former American investment bank

Salomon Brothers, Inc., was an American multinational bulge bracket investment bank headquartered in New York City. It was one of the five largest investment banking enterprises in the United States and a very profitable firm on Wall Street during the 1980s and 1990s. Its CEO and chairman at that time, John Gutfreund, was nicknamed "the King of Wall Street".

<span class="mw-page-title-main">Sallie Krawcheck</span> American business executive (born 1964)

Sallie L. Krawcheck is an American business executive who is the former head of Bank of America's Global Wealth and Investment Management division and is currently the CEO and co-founder of Ellevest, a digital financial advisor for women launched in 2016. She has been called "the most powerful woman on Wall Street."

<span class="mw-page-title-main">Wasserstein Perella & Co.</span> American investment bank

Wasserstein Perella & Co. was a boutique investment bank established by Bruce Wasserstein, Joseph R. Perella, Bill Lambert, and Charles Ward in 1988, former bankers at First Boston Corp., until its eventual sale to Dresdner Bank in 2000 for some $1.4 billion in stock. The private equity business of the investment firm was not included in the sale and was to be sold off to existing Wasserstein shareholders.

<span class="mw-page-title-main">Peter R. Orszag</span> American economist (born 1968)

Peter Richard Orszag is an American business executive and former government official. He is the chief executive officer (CEO) and chairman of Lazard. Announced as Lazard’s incoming CEO on May 26, 2023, he assumed the role on October 1, 2023, also joining the board.

<span class="mw-page-title-main">Vikram Pandit</span> Indian-born American banker

Vikram Shankar Pandit is an Indian-American banker and investor who was the chief executive officer of Citigroup from December 2007 to 16 October 2012 and is the current chairman and chief executive officer of The Orogen Group.

Thomas (Tom) G. Maheras is an American finance executive that is currently a managing partner of Tegean Capital Management, LLC, a New York-based hedge fund.

John E. Havens is the former chairman of Citigroup spinoff, Napier Park Global Capital, and is also the former president and chief operating officer of Citigroup.

Michael E. O'Neill is an American business executive. He served as chairman of Citigroup from 2012 to 2019.

<span class="mw-page-title-main">Antonio Weiss</span>

Antonio Francesco Weiss is an investor, policymaker, and former publisher. He is currently a senior fellow at the Mossavar-Rahmani Center for Business and Government at Harvard's Kennedy School and an investor at SSW Partners LP.

<span class="mw-page-title-main">Michael Corbat</span> American banker (born 1960)

Michael Louis "Mike" Corbat is an American banker who served as the chief executive officer of Citigroup from 2012 to 2021. His 2012 welcome from The New York Times described him as a "Jack-of-All-Trades".

<span class="mw-page-title-main">Jane Fraser (executive)</span> British-American banking executive (born 1967)

Jane Fraser is a British-American banking executive who is the chief executive officer (CEO) of Citigroup, a position she has held since March 2021. Educated at Girton College, Cambridge, and Harvard Business School, she worked at McKinsey & Company for 10 years, rising to partner prior to joining Citigroup in 2004. In 2019, she was named president of Citigroup and CEO of its consumer banking division.

<span class="mw-page-title-main">Citibank United Arab Emirates</span> Franchise subsidiary of Citigroup

Citibank National Association, United Arab Emirates commonly known as Citibank U.A.E., is a franchise subsidiary of Citigroup, a multinational financial services corporation headquartered in New York City, United States. Citi U.A.E. is connected by a network spanning 98 markets across the world. The phone support call center for Citibank U.A.E. retail banking clients is based at Citibank Bahrain.

Manuel Falcó y Girod, 13th Marquess of Castel-Moncayo, GE, best known as Manolo Falcó, is a Spanish peer and banker. He is the current global head of banking, capital markets and advisory at Citigroup, a position he has held since September 2018.

<span class="mw-page-title-main">Ida Liu</span> U.S. corporate executive from Citi Private Bank

Ida Liu is a Chinese American banking executive and currently the Global Head of Citi Private Bank, a position which she has held since April 2021. She previously headed Citi Private Bank in North America.

References

  1. 1 2 "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. 1 2 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. 1 2 3 Sorkin, Andrew Ross (June 10, 2005). "Panache on Wall Street (Published 2005)". The New York Times. ISSN   0362-4331 . Retrieved October 16, 2020.
  7. 1 2 "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. 1 2 "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. 1 2 "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. 1 2 "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. 1 2 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.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.