New York Metropolis Mayoral candidate Ray McGuire speaks throughout a press convention on the Nationwide Motion Community’s Home of Justice to denounce the rise of assaults in opposition to Asian Individuals on March 18, 2021 in New York Metropolis.
David Dee Delgado | Getty Pictures
Former Citigroup government Ray McGuire, who’s working to be mayor of New York, will obtain a complete of over $5 million from the Wall Avenue financial institution from 2022 via 2025.
CNBC obtained McGuire’s 2020 financial disclosure report after requesting the doc from New York Metropolis’s Battle of Curiosity Board.
Whereas McGuire is tied for fifth within the Spectrum News NY1/ Ipsos poll, if he had been to win the race for mayor, the Citi payouts may come on high of what he makes as the town’s chief government. A Politico report from 2019 reveals that New York Mayor Invoice De Blasio remodeled $250,000 in a single 12 months.
The submitting reveals that McGuire will likely be paid in 4 equal installments beginning subsequent 12 months and ending in 2025, totaling simply over $5.7 million.
Citi announced in October that McGuire could be stepping down from his publish. He had been on the monetary big for not less than 15 years. He officially announced his run for mayor in December.
McGuire would not be the one rich enterprise chief to change into mayor if he had been to win. Mike Bloomberg, who presently has a net-worth of over $55 billion, was mayor of the town for 12 years. Bloomberg funded all of his campaigns together with his personal cash. Bloomberg selected to forgo a mayor’s wage and accepted just $1 a year.
McGuire has raised over $7 million since he entered the race, with some contributions coming from New York’s enterprise leaders.
McGuire has been working, not less than partially, on his expertise as an government that he believes may assist rebuild the town after taking a monetary hit all through the coronavirus pandemic. The upcoming Democratic major for mayor is ready for June.
McGuire is behind within the polls. A latest survey from NY1 confirmed him tied for fifth place within the Democratic major race with former Housing and City Improvement secretary Shaun Donovan. Andrew Yang, who leads in the latest poll, made between $670,000 and $2.5 million last year, in line with Spectrum Information.
An advisor to McGuire, who additionally suggested Bloomberg, instructed CNBC that the previous Citi government will communicate with the Battle of Curiosity Board to debate subsequent steps if he had been to win the race. The advisor famous that the dialog with the board may embrace deal with his belongings and settlement with Citi. This advisor declined to be named as a way to communicate freely about McGuire’s plans.
Citi stated the payout is a part of the agency’s normal.
“Beneath our common annual bonus program, a big portion of compensation earned by an worker every year will not be paid when earned, however moderately is delivered over a 4 12 months interval,” a Citi spokeswoman stated. “The remedy of Mr. McGuire’s deferred quantities follows our normal coverage for workers who retire after lengthy service with Citi.”
Final 12 months, McGuire seems to have made not less than $1 million in 2020 whereas at Citi, together with via capital beneficial properties, dividends and curiosity. He additionally owns inventory in over 100 firms, together with Pfizer, Pepsi, Eli Lilly, AT&T, Nintendo and Bayer. The submitting didn’t embrace his annual wage.
The report additionally lists over $500,000 in deferred revenue from Citi.
McGuire additionally has investments in quite a few non-public fairness corporations and hedge funds. The submitting reveals that the worth of these investments is price over not less than $2 million.
McGuire additionally lists three residential properties that he owns in Ohio, the place he was born.
The three properties have a mixed worth of not less than $850,000, in line with the submitting.