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Citigroup exec Ray McGuire to run for NYC mayor

Ray McGuire is facing a crowded Democratic primary for the New York City mayoral race. File Photo by John Angelillo/UPI
Ray McGuire is facing a crowded Democratic primary for the New York City mayoral race. File Photo by John Angelillo/UPI | License Photo

Oct. 15 (UPI) -- Citigroup executive Ray McGuire said Thursday he's leaving the company and launching his bid to become New York City's next mayor.

The 63-year-old Democrat is expected to be vocal on issues of business as well as police reform and the Black Lives Matter movement.

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"We're in a war for the survival of this great city. Without a doubt we can do this. From the streets to the suites," McGuire told CNBC.

The Democratic primary is scheduled to take place in June, which means he'll have a short eight months to raise funds to make his case in a crowded Democratic field to replace outgoing Mayor Bill de Blasio.

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Also running in the Democratic primary are Maya Wiley, de Blasio's former counsel; Shaun Donovan, former commissioner of the city's Department of Housing Preservation and Development; Scott Stringer, New York City comptroller; Loree Sutton, commissioner of the city's Department of Veterans' Services; and several other candidates. Former presidential candidate Andrew Yang has even considered running.

McGuire said he's been privately discussing the mayoral run since January, with key figures in the business world pressuring him to run for even longer.

William Lewis Jr., co-chairman of investment banking at Lazard, told The New York Times that McGuire understand's New York City's financial struggles.

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"We need someone who is going to walk into the room and say, 'Let me see the spread sheets, and let's deal with the crisis at hand," he said.

"We need somebody who is going to be able to get their hands around this budget, talk to Washington and help us get more money. We need somebody who's going to say everyone needs to pay their fair share."

De Blasio's last day in office will be in January 2021. He's limited to two terms in office per New York City law.

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