Politics

Citigroup will pay NY mayoral candidate, former exec Ray McGuire $5.7 million over next few years

Share
Key Points
  • Former Citigroup executive Ray McGuire, who is running to be mayor of New York, will receive over $5 million from the Wall Street bank from 2022 through 2025.
  • CNBC obtained McGuire's 2020 financial disclosure report after requesting the document from New York City's Conflict of Interest Board.
  • While McGuire is tied for fifth in the Spectrum News NY1/ Ipsos poll, if he were to win the race for mayor, the Citi payouts could come on top of what he makes as the city's chief executive.

In this article

New York City Mayoral candidate Ray McGuire speaks during a press conference at the National Action Network's House of Justice to denounce the rise of attacks against Asian Americans on March 18, 2021 in New York City.
David Dee Delgado | Getty Images

Former Citigroup executive Ray McGuire, who is running to be mayor of New York, will receive a total of more than $5 million from the Wall Street bank from 2022 through 2025.

CNBC obtained McGuire's 2020 financial disclosure report after requesting the document from New York City's Conflict of Interest Board.

While McGuire is tied for fifth in the Spectrum News NY1/ Ipsos poll, if he were to win the race for mayor, the Citi payouts could come on top of what he makes as the city's chief executive. A Politico report from 2019 shows that New York Mayor Bill de Blasio made more than $250,000 in one year.

The filing shows that McGuire will be paid in four equal installments starting next year and ending in 2025, totaling just more than $5.7 million.

Citi announced in October that McGuire would be stepping down from his post. He had been at the financial giant for at least 15 years. He officially announced his run for mayor in December.

McGuire wouldn't be the only wealthy business leader to become mayor if he were to win. Mike Bloomberg, who currently has a net worth of over $55 billion, was mayor of the city for 12 years. He funded all of his campaigns with his own money. Bloomberg chose to forgo a mayor's salary and accepted just $1 a year.

McGuire has raised more than $7 million since he entered the race, with some contributions coming from New York's business leaders.

McGuire has been running, at least in part, on his experience as an executive that he believes could help rebuild the city after taking a financial hit throughout the coronavirus pandemic. The upcoming Democratic primary for mayor is set for June.

McGuire is behind in the polls. A recent survey from NY1 showed him tied for fifth place in the Democratic primary race with former Housing and Urban Development Secretary Shaun Donovan. Andrew Yang, who leads in the latest poll, made between $670,000 and $2.5 million last year, according to Spectrum News.

An advisor to McGuire, who also counseled Bloomberg, told CNBC that the former Citi executive will speak with the Conflict of Interest Board to discuss next steps if he were to win the race. The advisor noted that the conversation with the board could include how to handle his assets and agreement with Citi. This advisor declined to be named in order to speak freely about McGuire's plans.

Citi said the payout is part of the firm's standard.

"Under our regular annual bonus program, a large portion of compensation earned by an employee each year is not paid when earned, but rather is delivered over a four year period," a Citi spokeswoman said. "The treatment of Mr. McGuire's deferred amounts follows our standard policy for employees who retire after long service with Citi."

Last year, McGuire appears to have made at least $1 million in 2020 while at Citi, including through capital gains, dividends and interest. He also owns stock in more than 100 companies, including Pfizer, Pepsi, Eli Lilly, AT&T, Nintendo and Bayer. The filing did not include his annual salary.

The report also lists over $500,000 in deferred income from Citi.

McGuire also has investments in numerous private equity firms and hedge funds. The filing shows that the value of those investments is worth over at least $2 million.

McGuire also lists three residential properties that he owns in Ohio, where he was born.

The three properties have a combined value of at least $850,000, according to the filing.

VIDEO5:1205:12
New York City mayoral candidate Ray McGuire on rebuilding post-pandemic