New York City candidate Ray McGuire speaks during a press conference at the National Action Network’s House of Justice to denounce the surge in 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 for Mayor of New York, will receive a total of more than $ 5 million from Wall Street Bank from 2022 to 2025.
CNBC received McGuire’s 2020 financial report after the document was requested by the New York Conflict of Interest Board.
While McGuire ranks fifth on Spectrum News NY1 / Ipsos poll, Citi payouts could exceed what he makes as city executive if he won the mayor race. A 2019 Politico report shows that New York Mayor Bill de Blasio made more than $ 250,000 in one year.
Filing shows McGuire will be paid in four equal installments starting next year and through 2025, just over $ 5.7 million in total.
Citi announced in October that McGuire would be stepping down from his post. He’s been with the financial giant for at least 15 years. He officially announced his candidacy for mayor in December.
McGuire wouldn’t be the only wealthy business leader who would become mayor if he won. Mike Bloomberg, who currently has a net worth of over $ 55 billion, was the city’s mayor for 12 years. He financed all of his campaigns with his own money. Bloomberg waived a mayor’s salary and only accepted $ 1 a year.
McGuire has raised more than $ 7 million since its inception, with some contributions from New York executives.
McGuire has drawn on, at least in part, his executive experience, which he believes could help rebuild the city after suffering a financial blow throughout the coronavirus pandemic. The upcoming democratic primary election for the mayor is scheduled for June.
McGuire has lagged behind in the polls. A recent survey by NY1 found that he ranks fifth in the Democratic Primary Race with former Secretary of Housing and Urban Development Shaun Donovan. Andrew Yang, who leads the latest poll, made between $ 670,000 and $ 2.5 million last year, according to Spectrum News.
An advisor to McGuire, who also advised Bloomberg, told CNBC that the former Citi executive will speak to the Conflict of Interest Board to discuss next steps should he win the race. The consultant noted that speaking to the board of directors could include managing their assets and reaching out to Citi. This advisor declined to be named to speak freely about McGuire’s plans.
Citi said the payout was part of the company’s standard.
“As part of our regular annual bonus program, a large part of the compensation that an employee earns each year is not paid out, but over a period of four years,” said a Citi spokeswoman. “Mr. McGuire’s treatment of deferred amounts follows our standard policy for employees who retire after long service with Citi.”
Last year at Citi, McGuire apparently made at least $ 1 million in 2020, including through capital gains, dividends, and interest. He also owns shares 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 Citi’s deferred income in excess of $ 500,000.
McGuire is also involved in numerous private equity firms and hedge funds. The filing shows that the value of these investments is at least $ 2 million.
McGuire also lists three residential properties he owns in Ohio, where he was born.
The three properties have a total value of at least $ 850,000, according to the filing.