{{Short description|American businessman (born 1957)}} {{Distinguish|Raymond Maguire}} {{Use mdy dates|date=February 2021}} {{Infobox person | name = Ray McGuire | image = Ray McGuire (cropped).jpg | birth_date = {{birth date and age|1957|1|23}} | birth_place = Dayton, Ohio, U.S. | death_date = | death_place = | party = | spouse = Crystal McCrary | children = 3, including Cole Anthony (step-son) | education = Harvard University (AB, JD, MBA) }} '''Raymond J. McGuire''' (born January 23, 1957)<ref name="HistoryMakers">{{cite web |title=Raymond J. McGuire |url=https://www.thehistorymakers.org/biography/raymond-j-mcguire |website=The History Makers |access-date=October 16, 2020 |date=July 12, 2013}}</ref> is an American investment banking executive. 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.
In 2021 he was a candidate in the New York City Democratic mayoral primary.
== Early life and education == McGuire was born in Dayton, Ohio, and raised there by his mother and grandparents.<ref>{{Cite web|date=2020-10-15|title=Wall Street executive Ray McGuire joins NYC mayor's race|url=https://apnews.com/article/virus-outbreak-new-york-health-new-york-city-1c8ece708be8caae0d9b46c967fb84ba|access-date=2020-10-16|website=AP NEWS}}</ref> Through scholarships, he attended the Hotchkiss School in Lakeville, Connecticut.<ref name="enters NYC race">{{cite news|last=Mays |first=Jeffery C. |title=Ray McGuire, Wall Street Executive, Enters N.Y.C. Mayor's Race |url=https://www.nytimes.com/2020/10/15/nyregion/ray-mcguire-mayor-nyc.html |work=The New York Times |access-date=October 15, 2020 |date=October 15, 2020}}</ref>
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.<ref>{{Cite web|url=https://www.foxbusiness.com/lifestyle/5-things-to-know-about-nycs-newest-mayoral-candidate-ray-mcguire|title=Citibank's Ray McGuire to run for NYC mayor|first=Sumner|last=Park|date=September 30, 2020|website=FOXBusiness}}</ref> In 1984, he received an M.B.A. from Harvard Business School and a Juris Doctor from Harvard Law School.<ref>{{Cite web|url=https://www.cityandstateny.com/articles/personality/personality/five-things-know-about-ray-mcguire.html|title=Five things to know about Ray McGuire|date=October 21, 2020|website=City & State NY}}</ref>
== Career == ===Early Wall Street career=== McGuire began working in finance in 1984 at First Boston.<ref name="Bloomberg Lazard"/> 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.<ref name="BE Citi">{{Cite web|url=https://www.citigroup.com/citi/news/2009/090302b.htm|title=Citigroup Executives Mark Mason and Raymond McGuire Named to ''Black Enterprise''{{'}}s '100 Most Powerful Executives in Corporate America' List|date=March 2, 2009 |website=www.citigroup.com |archive-url=https://web.archive.org/web/20220124104417/https://www.citigroup.com/citi/news/2009/090302b.htm |archive-date=January 24, 2022}}</ref> He subsequently spent several years as global co-head of mergers and acquisitions at Morgan Stanley.<ref name="BE Citi"/><ref name="panache"/>
===Citigroup=== McGuire moved to Citigroup in 2005, where he initially worked as the global co-head of investment banking.<ref name="crains">{{Cite web|url=https://www.crainsnewyork.com/politics/top-citi-executive-resigns-run-mayor|title=Top Citi executive resigns to run for mayor|date=October 15, 2020|website=Crain's New York Business}}</ref><ref name="panache">{{Cite news|last=Sorkin|first=Andrew Ross|date=2005-06-10|title=Panache on Wall Street (Published 2005)|language=en-US|work=The New York Times|url=https://www.nytimes.com/2005/06/10/business/panache-on-wall-street.html|access-date=2020-10-16|issn=0362-4331}}</ref> In 2009, he became sole head of global banking;<ref>{{cite news |title=Citi Names McGuire as Sole Head of Global Banking |url=https://archive.nytimes.com/dealbook.nytimes.com/2009/07/08/citi-names-mcguire-as-sole-head-of-global-banking/ |access-date=December 13, 2024 |work=The New York Times |date=July 8, 2009}}</ref><ref>{{cite news |last1=Hofman |first1=Abigail |title=Off with their heads |url=https://www.euromoney.com/article/b1322j0f9l5vv1/abigail-hofman-off-with-their-heads |access-date=December 19, 2024 |work=Euromoney |date=November 4, 2009 |quote=McGuire, Citi's head of global banking, .... McGuire, who joined Citi from Morgan Stanley in 2005, was appointed to his present role this summer.}}</ref><ref name="HistoryMakers"/> by 2012, this title had changed to global head of corporate and investment banking.<ref>{{cite news |last1=Heyman |first1=Marshall |title=Party-Hopping, Collage to College |url=https://www.wsj.com/articles/SB10000872396390444023704577649800537685844 |work=The Wall Street Journal |access-date=December 19, 2024 |date=September 13, 2012}}</ref><ref>{{cite web |last1=Zeder |first1=Jeri |title=Jointly Held |url=https://hls.harvard.edu/today/jointly-held/ |website=Harvard Law Bulletin |publisher=Harvard Law School |access-date=December 19, 2024 |date=October 1, 2012}}</ref> In all, McGuire spent 13 years as global head of Citigroup's corporate and investment banking.<ref name="FT merge"/><ref>{{cite news |last1=Morrell |first1=Alex |last2=Campbell |first2=Dakin |title='A more comprehensive coverage model': Read the memo Citigroup sent to employees about its investment banking overhaul |url=https://www.businessinsider.com/employee-memo-citigroup-sent-about-investment-banking-overhaul-2018-9 |access-date=July 6, 2025 |work=Business Insider |date=September 6, 2018}}</ref>
In 2018 he became vice chairman of Citigroup, and chairman of Citigroup's banking, capital markets and advisory business.<ref name="crains"/><ref name="econclubny"/><ref name="FT merge">{{cite news |last1=Armstrong |first1=Robert |last2=Noonan |first2=Laura |title=Citigroup late in the game to merge key investment bank units |url=https://www.ft.com/content/ed4438ea-b240-11e8-8d14-6f049d06439c |access-date=December 16, 2024 |work=Financial Times |date=September 10, 2018}}</ref> During his tenure at Citigroup, McGuire served as business advisor for a number of major deals, including AT&T's acquisition of Time Warner, the Time Warner Cable split, Wyeth's sale to Pfizer, ConocoPhillips' acquisition of Burlington Resources, Koch Industries' acquisition of Georgia-Pacific, the sale of Electronic Data Systems to Hewlett-Packard, and UST Inc.'s sale to Altria.<ref name="econclubny">{{Cite web|title=Raymond J. McGuire - Recent Speakers - The Economic Club of New York|url=https://www.econclubny.org/web/pages/recent-speakers/-/blogs/raymond-j-mcguire |archive-url=https://web.archive.org/web/20201021043531/https://www.econclubny.org/web/pages/recent-speakers/-/blogs/raymond-j-mcguire |archive-date=October 21, 2020 |date=June 23, 2020 |website=www.econclubny.org}}</ref>
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.<ref name="Bloomberg Treasury"/><ref>{{Cite web|date=2020-09-27|title=Citigroup exec may announce mayoral run this week|url=https://www.radio.com/1010wins/articles/citigroup-exec-may-announce-mayoral-run-this-week|access-date=2020-10-16|website=www.radio.com|language=en}}</ref> He was a bundler to Barack Obama's 2008 presidential campaign,<ref>{{cite news |last1=Ratner |first1=Lizzy |title=The Bundling of the President, 2008 |url=https://observer.com/2007/03/the-bundling-of-the-president-2008/ |access-date=December 17, 2024 |work=Observer |date=March 19, 2007}}</ref> and was mentioned as a possible candidate for a position in the U.S. Department of the Treasury in 2013.<ref name="Bloomberg Treasury">{{Cite news|title=Obama Said to Cinsider McGuire and Kramer for Treasury|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2013-04-01/obama-said-to-consider-mcguire-and-kramer-for-treasury|access-date=2020-10-16}}</ref> 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.<ref>{{cite news |last1=Casselman |first1=Ben |title=New York Fed Names John Williams President, Bucking Calls for Diversity |url=https://www.nytimes.com/2018/04/03/business/economy/new-york-fed-president-john-williams.html |access-date=December 16, 2024 |work=The New York Times |date=April 3, 2018}}</ref>
===Lazard=== In 2023 McGuire 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.<ref name="Bloomberg Lazard">{{cite news |last1=Basak |first1=Sonali |title=Top Wall Street Banker Ray McGuire Joins Lazard as President |url=https://www.bloomberg.com/news/articles/2023-03-08/ray-mcguire-to-join-lazard-as-president-in-return-to-wall-street |access-date=December 18, 2024 |work=Bloomberg News |date=March 8, 2023}}</ref> He is based in Lazard's New York offices.<ref name="Bloomberg Lazard"/>
==Board memberships== McGuire is on the board of directors of Hess Corporation,<ref>{{cite web |title=Leadership |url=https://investors.hess.com/Company/Media/Leadership |website=Hess |access-date=July 6, 2025}}</ref> and on the board of trustees of Vornado Realty Trust.<ref>{{cite web |title=Board of Trustees |url=https://www.vno.com/governance/board-of-trustees |website=Vornado Realty Trust |access-date=July 6, 2025}}</ref> He was formerly a member of the boards of KKR & Co. and Wyeth.<ref>{{cite web |title=Raymond J. McGuire |url=https://hutchinscenter.fas.harvard.edu/people/raymond-j-mcguire-0 |website=Hutchins Center for African and African American Research |archive-url=https://web.archive.org/web/20230318234512/https://hutchinscenter.fas.harvard.edu/people/raymond-j-mcguire-0 |archive-date=March 18, 2023 |date=2022 |url-status=dead}}</ref>
He is chairman of the board of trustees of the Studio Museum in Harlem,<ref>{{cite web |title=Board of Trustees |url=https://www.studiomuseum.org/board-of-trustees |website=Studio Museum in Harlem |access-date=July 6, 2025}}</ref> vice chairman of the board of trustees of the New York Public Library,<ref>{{cite web |title=The New York Public Library Board of Trustees |url=https://www.nypl.org/about/leadership/board-trustees |website=New York Public Library |access-date=July 6, 2025}}</ref> treasurer of the board of trustees of the American Museum of Natural History,<ref>{{cite web |title=Board of Trustees |url=https://www.amnh.org/about/board-of-trustees |website=American Museum of Natural History |access-date=July 6, 2025}}</ref> and a vice president of the board of trustees of Hotchkiss School.<ref>{{cite web |title=Governance |url=https://www.hotchkiss.org/our-school/governance |website=Hotchkiss School |access-date=July 6, 2025}}</ref> He is a member of the boards of trustees of the Whitney Museum,<ref>{{cite web |title=Board of Trustees |url=https://whitney.org/about/trustees |website=Whitney Museum |access-date=July 6, 2025}}</ref> The WNET Group,<ref>{{cite web |title=Trustees |url=https://www.wnet.org/about/trustees/ |website=The WNET Group |access-date=July 6, 2025}}</ref> and the New York City Police Foundation.<ref>{{cite web |title=Board of Trustees & Staff |url=https://www.nycpolicefoundation.org/about-us/board-of-trustees-staff/ |website=New York City Police Foundation |access-date=July 6, 2025}}</ref>
He is chairman of the board of directors of the Regional Plan Association,<ref>{{cite web |title=Board of Directors |url=https://rpa.org/about/board |website=Regional Plan Association |access-date=July 6, 2025}}</ref> and a member of the boards of directors of the French-American Foundation<ref>{{cite web |title=Board of Directors |url=https://frenchamerican.org/about/governance/ |website=French-American Foundation |access-date=July 6, 2025}}</ref> and the Terra Foundation for American Art.<ref>{{cite web |title=Our Team |url=https://www.terraamericanart.org/about/our-team/ |website=Terra Foundation for American Art |access-date=July 6, 2025}}</ref>
== 2021 mayoral campaign == {{Main|2021 New York City Democratic mayoral primary}} In October 2020, McGuire announced he would run for Mayor of New York City in 2021.<ref name="enters NYC race"/> Valerie Jarrett was co-chair of his campaign.<ref>{{Cite web|last=Castronuovo|first=Celine|date=2020-10-16|title=Jacobin Editor-at-Large: Valerie Jarrett's support for Citigroup executive's mayoral campaign 'microcosm' of Democrats' relationship with Wall Street|url=https://thehill.com/hilltv/rising/521430-jacobin-editor-at-large-valerie-jarretts-support-for-citigroup-executives|access-date=2020-10-16|website=TheHill|language=en}}</ref><ref>{{Cite news|date=2020-10-16|title=Will New York Go for Another Wall Streeter as Mayor?|language=en-US|work=The New York Times|url=https://www.nytimes.com/2020/10/16/business/dealbook/ray-mcguire-mayor-wall-street.html|access-date=2020-10-16|issn=0362-4331}}</ref> McGuire pledged to focus his campaign on racial unrest amid the George Floyd protests and economic recovery from the COVID-19 pandemic.<ref>{{Cite web|title=Cost Of Racism: U.S. Economy Lost $16 Trillion Because Of Discrimination, Bank Says|url=https://www.npr.org/sections/live-updates-protests-for-racial-justice/2020/09/23/916022472/cost-of-racism-u-s-economy-lost-16-trillion-because-of-discrimination-bank-says|access-date=2020-10-16|website=NPR.org|language=en}}</ref><ref>{{Cite web|last=Schwartz|first=Brian|date=2020-01-14|title=Citigroup executive Ray McGuire, a political moderate, considers running for mayor of New York|url=https://www.cnbc.com/2020/01/14/citigroup-executive-ray-mcguire-considers-running-for-new-york-mayor.html|access-date=2020-10-16|website=CNBC|language=en}}</ref><ref>{{Cite web|last1=Goldenberg|first1=Sally|last2=Anuta|first2=Joe|title=Citigroup exec Ray McGuire jumps into NYC mayor's race|url=https://politi.co/2GV2L5o|access-date=2020-10-16|website=Politico PRO|date=October 15, 2020 |language=en}}</ref><ref>{{Cite news|date=2020-10-15|title=Top Citi Banker Ray McGuire Leaves to Pursue NYC Mayoral Run|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2020-10-15/top-citi-banker-ray-mcguire-leaves-to-pursue-nyc-mayoral-run|access-date=2020-10-16}}</ref><ref>{{Cite magazine|last=Cohan|first=William D.|title="I Could Easily Be George Floyd": Wall Street's Senior Black Banker Talks About Biggie and the Hope of BLM|url=https://www.vanityfair.com/news/2020/06/wall-streets-senior-black-banker-talks-about-the-hope-of-blm|access-date=2020-10-16|magazine=Vanity Fair|date=June 30, 2020|language=en-us}}</ref>
Three months after beginning his campaign, McGuire had raised $5 million with notable contributions from the business community.<ref>{{cite news |last=Mays|first=Jeffrey|date=2021-01-13|title=Wall Street Favorite Raises $5 Million in Race for New York Mayor |url=https://www.nytimes.com/2021/01/13/nyregion/ray-mcguire-donors-mayor.html |work=The New York Times |access-date=2021-01-13}}</ref>
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 ("I would guess it is around $100,000") 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".<ref name="New York Times 2021-05-11">{{cite web|last=Mihir Zaveri|first=Mihir|date=2021-05-11|title=It's a Home in Brooklyn. What Could It Cost? $100,000?|url=https://www.nytimes.com/2021/05/11/nyregion/median-home-brooklyn-mayor.html|work=New York Times|accessdate=2021-05-12}}</ref>
McGuire ultimately finished in seventh place, with 2.3% of the vote.<ref>{{Cite web|url=https://commercialobserver.com/2021/06/ray-mcguire-wind-down-nyc-mayoral-campaign/|title = Ray McGuire Appears to Wind Down NYC Mayoral Campaign|date = June 29, 2021}}</ref>
== 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.<ref>{{Cite web|url=https://therealdeal.com/national/2021/01/14/the-closing-ray-mcguire/|title = Ray McGuire on Housing, Real Estate and His Story|date = January 14, 2021}}</ref><ref>{{Cite web|last=Dauster|first=Rob|date=2019-11-06|title=Rising Son: Cole Anthony remains grounded as he follows his father's footsteps|url=https://collegebasketball.nbcsports.com/2019/11/06/rising-son-cole-anthony-remains-grounded-as-he-follows-his-fathers-footsteps/|access-date=2020-10-16|website=College Basketball {{!}} NBC Sports|language=en-US}}</ref><ref>{{Cite web|last=Schultz|first=Abby|title=Collecting Pioneer|url=https://www.barrons.com/articles/collecting-pioneer-01576005058|access-date=2020-10-16|website=www.barrons.com|language=en-US}}</ref>
== Awards == McGuire was a 2022 recipient of the W. E. B. Du Bois Medal, "Harvard's highest honor in the field of African and African American studies. It is awarded to individuals in the United States and across the globe in recognition of their contributions to African and African American culture and the life of the mind".<ref>{{cite web |last1=Dias |first1=Marley E. |title=Black Excellence at Harvard: The 2022 W.E.B. DuBois Ceremony |url=https://www.thecrimson.com/article/2022/10/25/dubois-medal-article/ |website=The Harvard Crimson |access-date=July 6, 2025 |date=October 25, 2022}}</ref>
== References == <references />
==External links== *[https://www.lazard.com/our-people/raymond-j-mcguire/ Official bio]
{{DEFAULTSORT:McGuire, Raymond}} Category:Living people Category:1957 births Category:Businesspeople from Dayton, Ohio Category:Hotchkiss School alumni Category:Harvard Law School alumni Category:Harvard Business School alumni Category:New York (state) Democrats Category:Candidates in the 2021 United States elections Category:Businesspeople from New York (state) Category:African-American business executives Category:Citigroup people Category:20th-century African-American businesspeople Category:20th-century American businesspeople Category:People associated with the 2021 New York City mayoral election Category:Harvard College alumni