Home Breaking News Citigroup will pay NY mayoral candidate, former exec Ray McGuire $5.7 million...

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

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

Recent York Metropolis Mayoral candidate Ray McGuire speaks for the interval of a press convention on the National Circulate Network’s Home of Justice to denounce the rise of attacks in opposition to Asian Americans on March 18, 2021 in Recent York Metropolis.

David Dee Delgado | Getty Photography

Early Newspaper

Former Citigroup executive Ray McGuire, who’s working to be mayor of Recent York, will catch a total of more than $5 million from the Wall Avenue bank from 2022 thru 2025.

CNBC got McGuire’s 2020 financial disclosure file after inquiring for the document from Recent York Metropolis’s Struggle of Curiosity Board.

Whereas McGuire is tied for fifth within the Spectrum Records NY1/ Ipsos ballot, if he were to preserve the speed for mayor, the Citi payouts might perchance near on high of what he makes as the city’s chief executive. A Politico file from 2019 shows that Recent York Mayor Bill de Blasio made more than $250,000 in twelve months.

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

Citi announced in October that McGuire might perchance be stepping down from his put up. He had been on the financial broad for on the least 15 years. He officially announced his bustle for mayor in December.

McGuire wouldn’t be most definitely the greatest properly off industry leader to became mayor if he were to preserve. Mike Bloomberg, who currently has a win worth of over $55 billion, became as soon as mayor of the city for 12 years. He funded all of his campaigns along with his have money. Bloomberg selected to forgo a mayor’s salary and popular ethical $1 a year.

McGuire has raised more than $7 million since he entered the speed, with some contributions coming from Recent York’s industry leaders.

McGuire has been working, on the least in segment, on his abilities as an executive that he believes might perchance abet rebuild the city after taking a financial hit at some level of the coronavirus pandemic. The upcoming Democratic main for mayor is determined for June.

McGuire is within the help of within the polls. A latest discover from NY1 confirmed him tied for fifth win 22 situation within the Democratic main speed with former Housing and Metropolis Development Secretary Shaun Donovan. Andrew Yang, who leads within the latest ballot, made between $670,000 and $2.5 million final year, in accordance to Spectrum Records.

An e-book to McGuire, who moreover urged Bloomberg, told CNBC that the former Citi executive will focus on with the Struggle of Curiosity Board to focus on about next steps if he were to preserve the speed. The e-book famed that the conversation with the board might perchance consist of simple simple strategies to take care of his resources and agreement with Citi. This e-book declined to be named in command to focus on freely about McGuire’s plans.

Citi acknowledged the payout is segment of the company’s popular.

“Below our popular annual bonus program, a dapper share of compensation earned by an worker annually isn’t any longer paid when earned, but rather is delivered over a four year interval,” a Citi spokeswoman acknowledged. “The medicine of Mr. McGuire’s deferred quantities follows our popular coverage for workers who retire after lengthy provider with Citi.”

Final year, McGuire appears to be like to hold made on the least $1 million in 2020 while at Citi, at the side of thru capital features, dividends and ardour. He moreover owns stock in additional than 100 firms, at the side of Pfizer, Pepsi, Eli Lilly, AT&T, Nintendo and Bayer. The submitting didn’t consist of his annual salary.

The file moreover lists over $500,000 in deferred earnings from Citi.

McGuire moreover has investments in a colossal sequence of non-public equity companies and hedge funds. The submitting shows that the worth of those investments is worth over on the least $2 million.

McGuire moreover lists three residential properties that he owns in Ohio, where he became as soon as born.

The three properties hold a mixed worth of on the least $850,000, in accordance to the submitting.

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