New York City Mayoral prospect Ray McGuire speaks throughout an interview at the National Action Network’s House of Justice to knock the increase of attacks versus Asian Americans on March 18, 2021 in New York City.
David Dee Delgado | Getty Images
Former Citigroup executive Ray McGuire, who is going to be mayor of New York, will get an overall of more than $5 million from the Wall Street bank from 2022 through 2025.
CNBC acquired McGuire’s 2020 monetary disclosure report after asking for the file from New York City’s Conflict of Interest Board.
While McGuire is connected for 5th in the Spectrum News NY1/ Ipsos survey, if he were to win the race for mayor, the Citi payments might begin top of what he makes as the city’s president. A Politico report from 2019 reveals that New York Mayor Bill de Blasio made more than $250,000 in one year.
The filing reveals that McGuire will be paid in 4 equivalent installations beginning next year and ending in 2025, amounting to simply more than $5.7 million.
Citi revealed in October that McGuire would be stepping down from his post. He had actually been at the monetary giant for a minimum of 15 years. He formally revealed his run for mayor in December.
McGuire would not be the only rich magnate to end up being mayor if he were to win. Mike Bloomberg, who presently has a net worth of over $55 billion, was mayor of the city for 12 years. He moneyed all of his projects with his own cash. Bloomberg selected to pass up a mayor’s income and accepted simply $1 a year.
McGuire has actually raised more than $7 million given that he got in the race, with some contributions originating from New York’s magnate.
McGuire has actually been running, a minimum of in part, on his experience as an executive that he thinks might assist restore the city after taking a monetary hit throughout the coronavirus pandemic. The upcoming Democratic main for mayor is set for June.
McGuire lags in the surveys. A current study from NY1 revealed him connected for 5th location in the Democratic main race with previous Housing and Urban Development Secretary Shaun Donovan. Andrew Yang, who leads in the current survey, made in between $670,000 and $2.5 million in 2015, according to Spectrum News.
An consultant to McGuire, who likewise counseled Bloomberg, informed CNBC that the previous Citi executive will talk to the Conflict of Interest Board to go over next actions if he were to win the race. The consultant kept in mind that the discussion with the board might consist of how to manage his properties and contract with Citi. This consultant decreased to be called in order to speak easily about McGuire’s strategies.
Citi stated the payment becomes part of the company’s requirement.
“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 spokesperson stated. “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 actually made a minimum of $1 million in 2020 while at Citi, consisting of through capital gains, dividends and interest. He likewise owns stock in more than 100 business, consisting of Pfizer, Pepsi, Eli Lilly, AT&T, Nintendo and Bayer. The filing did not include his yearly income.
The report likewise notes over $500,000 in deferred earnings from Citi.
McGuire likewise has financial investments in various personal equity companies and hedge funds. The filing reveals that the worth of those financial investments deserves over a minimum of $2 million.
McGuire likewise notes 3 homes that he owns in Ohio, where he was born.
The 3 homes have a combined worth of a minimum of $850,000, according to the filing.
