Citi’s Ray McGuire is making the pitch for New York City’s next mayor.
The co-president of Citi and Citi’s charity arm, Citi Foundation, announced on Tuesday that he’s donating $15 million to five nonprofit organizations that help spur the city’s economic development and expand opportunities for New Yorkers.
There has been a lot of chatter about Mr. McGuire’s potential mayoral aspirations — especially since he’s paired with Chief Executive Officer Michael Corbat, who’s considering his own campaign for political office.
Mr. McGuire, 47, said in a statement that Citi Foundation wants to see the mayor’s office expand the same day programs that have helped Mr. Corbat’s ambitions take root.
He said he views good decision-making as a cycle.
“Citi has helped millions of New Yorkers reach their full potential by leading the way on access to capital, capital access, and community growth,” Mr. McGuire said. “For any candidate who says they are going to lead on the economy, they must first say what will support economic growth and job creation — not just talk about it.”
The organizations receiving Citi Foundation’s money are Empire State Development’s Young Entrepreneurs Network, Buffalo Niagara Enterprise, the Empire State Restaurant and Tavern Association, Citi Foundation, and the Community Service Society of New York.
More money from Mr. McGuire would mean more attention paid to New York City, where Democrats have said that there needs to be a racial and gender diversity in the mayor’s office, a City Council dominated by women and a Department of Education currently under a new chancellor, Richard Carranza.
Former Comptroller Bill Thompson, who has mentioned his own mayoral aspirations, has already raised nearly $2 million in contributions. But Assembly Speaker Carl Heastie, Bronx Assemblyman Marcos Crespo, and City Council Member Donovan Richards are all also in the running.