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Raymond J. McGuire

Investment banker Raymond J. McGuire was born on January 23, 1957, in Dayton, Ohio. After graduating from the Hotchkiss School in 1975, McGuire enrolled in Harvard University. He went on to graduate from Harvard College cum laude with his A.B. degree in English in 1979. McGuire was awarded a Rotary Fellowship to attend the University of Nice in France in 1980. In 1984, McGuire graduated from Harvard Business School with his M.B.A. degree and from Harvard Law School with his J.D. degree.

McGuire began his career in the mergers and acquisitions department at First Boston Corporation. In 1988, when Joseph R. Perella and Bruce Wasserstein, top officers at First Boston Corporation, left to start their own firm, McGuire went with them. At Wasserstein Perella & Co., McGuire played a key role in many transactions, including Pitney Bowes, Inc.’s acquisition of Ameriscribe. He served as a partner and managing director at Wasserstein Perella & Co. from 1991 to 1994, and then became the managing director of mergers & acquisitions at Merrill Lynch Investment, Inc. In 2000, McGuire was appointed as the the global co-head of mergers & acquisitions at Morgan Stanley where he advised the $19.8 billion sale of Nabisco Holdings to the Philip Morris Company and Pfizer’s sale of its Schick Wilkinson Sword business to Energizer for $930 million in 2003. In 2005, McGuire left Morgan Stanley and was appointed as the co-head of investment banking at Citigroup Corporate and Investment Banking. He became the head of global banking in 2009. While there, McGuire managed more than two thousand employees and advised business mergers and acquisitions valued at more than $200 billion, such as Time Warner, Inc.’s $45 billion separation from Time Warner Cable.

McGuire was named chairman of the board of the Studio Museum in Harlem and vice chairman of the board and investment committee chairman of the Whitney Museum of American Art. He also served on the executive committee of the International Center of Photography, as a trustee of the Lincoln Center and chairman of the board of the De La Salle Academy, and as a member of the board of the Mayor’s Cultural Affairs Advisory Committee for the City of New York. In addition, he served as a trustee of New York-Presbyterian Hospital. For Harvard University, he has served as a member of the Overseers and Directors Nominating Committee.

In 2002, Black Enterprise magazine named McGuire one of the “Top 50 African Americans on Wall Street.” He has also received the Alumni Professional Achievement Award from the Harvard Business School, and was named a Distinguished Patron of the Arts by the Pratt Institute.

Raymond J. McGuire was interviewed by The HistoryMakers on June 24, 2013.

Accession Number

A2013.195

Sex

Male

Interview Date

7/12/2013

Last Name

McGuire

Maker Category
Marital Status

Married

Middle Name

Jeffrey

Occupation
Schools

Harvard University

Harvard Business School

Harvard Law School

University of Nice

First Name

Raymond

Birth City, State, Country

Youngstown

HM ID

MCG06

Favorite Season

Fall

State

Ohio

Favorite Vacation Destination

Saint Barthelemy

Favorite Quote

Hold Fast To Dreams, For If Dreams Die, Life Is A Broken Winged Bird That Cannot Fly, Hold Fast To Dreams, For If Dreams Go, Life Is A Barren Field, Frozen With Snow.

Bio Photo
Speakers Bureau Region State

New York

Birth Date

1/23/1957

Birth Place Term
Speakers Bureau Region City

New York

Country

United States

Favorite Food

Turkey Burgers

Short Description

Investment banker Raymond J. McGuire (1957 - ) is an alumnus of Harvard University and Harvard Law School. He worked in mergers and acquisitions at First Boston Corporation, Merrill Lynch, and Morgan Stanley, and serves as head of Global Banking at Citigroup where he advises on deals valued at more than $200 billion.

Employment

First Boston Corporation

Wasserstein Perella & Co.

Merrill Lynch

Morgan Stanley

Citigroup

Favorite Color

Blue, Brown

Timing Pairs
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DAStories

Tape: 1 Story: 1 - Slating of Raymond McGuire's interview

Tape: 1 Story: 2 - Raymond McGuire lists his favorites

Tape: 1 Story: 3 - Raymond McGuire talks about his maternal family background

Tape: 1 Story: 4 - Raymond McGuire talks about his siblings

Tape: 1 Story: 5 - Raymond McGuire describes his earliest childhood memories in Dayton, Ohio

Tape: 1 Story: 6 - Raymond McGuire describes his community in Dayton, Ohio

Tape: 1 Story: 7 - Raymond McGuire talks about his age difference with his older brothers

Tape: 1 Story: 8 - Raymond McGuire talks about growing up in the Bethel Church of God in Christ

Tape: 1 Story: 9 - Raymond McGuire continues to describe his community in Dayton, Ohio

Tape: 1 Story: 10 - Raymond McGuire describes his childhood personality

Tape: 1 Story: 11 - Raymond McGuire talks about his maternal grandparents

Tape: 1 Story: 12 - Raymond McGuire describes his earliest memories of grade school

Tape: 1 Story: 13 - Raymond McGuire talks about differences between his academic environment and home environment

Tape: 1 Story: 14 - Raymond McGuire talks about attending The Miami Valley School in Dayton, Ohio

Tape: 2 Story: 1 - Raymond McGuire talks about his first jobs in Dayton, Ohio

Tape: 2 Story: 2 - Raymond McGuire describes the student demographic at Miami Valley School in Dayton, Ohio

Tape: 2 Story: 3 - Raymond McGuire talks about people he looked up to as a child

Tape: 2 Story: 4 - Raymond McGuire talks about interviewing for and attending the Hotchkiss School in Lakeville, Connecticut

Tape: 2 Story: 5 - Raymond McGuire describes student style at the Hotchkiss School in Lakeville, Connecticut

Tape: 2 Story: 6 - Raymond McGuire talks about his friendship with Michael Carroll

Tape: 2 Story: 7 - Raymond McGuire talks about Miami Valley School in Dayton, Ohio and at the Hotchkiss School in Lakeville, Connecticut

Tape: 2 Story: 8 - Raymond McGuire talks about deciding to attend Harvard University in Cambridge, Massachusetts

Tape: 2 Story: 9 - Raymond McGuire talks about a prank he took part in at the Hotchkiss School in Lakeville, Connecticut

Tape: 2 Story: 10 - Raymond McGuire talks about his high school interest in literature and basketball

Tape: 2 Story: 11 - Raymond McGuire recalls his graduation from the Hotchkiss School in Lakeville, Connecticut

Tape: 2 Story: 12 - Raymond McGuire describes his first year as an undergraduate student at Harvard University in Cambridge, Massachusetts

Tape: 3 Story: 1 - Raymond McGuire talks about his experience as an undergraduate at Harvard University in Cambridge, Massachusetts

Tape: 3 Story: 2 - Raymond McGuire talks about the political community at The John F. Kennedy School of Government at Harvard University in Cambridge, Massachusetts

Tape: 3 Story: 3 - Raymond McGuire talks about the athletic community at Harvard University in Cambridge, Massachusetts and playing basketball for the Crimson Classics

Tape: 3 Story: 4 - Raymond McGuire talks about the private club community at Harvard University in Cambridge, Massachusetts and his membership to the Owl Club

Tape: 3 Story: 5 - Raymond McGuire talks about his membership to the Owl Club at Harvard University in Cambridge, Massachusetts

Tape: 3 Story: 6 - Raymond McGuire talks about his racial experiences in his life from Dayton, Ohio to Harvard University in Cambridge, Massachusetts

Tape: 3 Story: 7 - Raymond McGuire talks about experiencing racism while studying abroad in Europe

Tape: 3 Story: 8 - Raymond McGuire talks about the Owl Club and other communities at Harvard University in Cambridge, Massachusetts

Tape: 3 Story: 9 - Raymond McGuire talks about the African American Cultural Center at Harvard University in Cambridge, Massachusetts

Tape: 3 Story: 10 - Raymond McGuire talks about studying literature at Harvard University in Cambridge, Massachusetts

Tape: 4 Story: 1 - Raymond McGuire talks about studying abroad at The Nice Sophia Antipolis University in Nice, France

Tape: 4 Story: 2 - Raymond McGuire talks about being admitted to Harvard University's dual degree program for law school and business school

Tape: 4 Story: 3 - Raymond McGuire talks about his graduate studies at Harvard University in Cambridge, Massachusetts and his summer internships

Tape: 4 Story: 4 - Raymond McGuire reflects on adjusting the Harvard Business School in Boston, Massachusetts and the Harvard Law School in Cambridge, Massachusetts

Tape: 4 Story: 5 - Raymond McGuire talks about taking a summer internship at First Boston

Tape: 4 Story: 6 - Raymond McGuire talks about his education at the Harvard Law School in Cambridge, Massachusetts

Tape: 4 Story: 7 - Raymond McGuire talks about taking two internships in one summer

Tape: 4 Story: 8 - Raymond McGuire talks about earning his graduate degrees and receiving job offers

Tape: 4 Story: 9 - Raymond McGuire talks about First Boston, Joseph Perella, and Bruce Wasserstein

Tape: 4 Story: 10 - Raymond McGuire recalls being interviewed for a position at First Boston

Tape: 4 Story: 11 - Raymond McGuire talks about working at First Boston after graduating from Harvard Law School and Harvard Business School

Tape: 4 Story: 12 - Raymond McGuire describes mergers and acquisitions work

Tape: 5 Story: 1 - Raymond McGuire talks about the creation of Wasserstein Perella & Co.

Tape: 5 Story: 2 - Raymond McGuire talks about deciding to leave First Boston to work at Wasserstein Perella & Co.

Tape: 5 Story: 3 - Raymond McGuire talks about his roles and duties at Wasserstein Perella & Co.

Tape: 5 Story: 4 - Raymond McGuire explains why Joseph Perella left Wasserstein Perella & Co. in 1993

Tape: 5 Story: 5 - Raymond McGuire explains why he left Wasserstein Perella & Co. and joined Merrill Lynch Wealth Management

Tape: 5 Story: 6 - Raymond McGuire talks about managing a business deal with Nabisco and R.J. Reynolds Tobacco Company

Tape: 5 Story: 7 - Raymond McGuire talks about taking Fort Howard Paper Company private and the slowdown in mergers and acquisitions in the early 1990s

Tape: 5 Story: 8 - Raymond McGuire talks about the importance of Japanese investors to mergers and acquisitions

Tape: 5 Story: 9 - Raymond McGuire talks about working with the Unilever Group on mergers and acquisitions deals

Tape: 5 Story: 10 - Raymond McGuire talks about how mergers and acquisitions deals are executed

Tape: 5 Story: 11 - Raymond McGuire talks about advice he gave during leadership changes at Morgan Stanley

Tape: 6 Story: 1 - Raymond McGuire talks about the changes in leadership at Morgan Stanley in the mid-2000s

Tape: 6 Story: 2 - Raymond McGuire talks about leaving Morgan Stanley for Citigroup in 2005

Tape: 6 Story: 3 - Raymond McGuire talks about Franklin A. Thomas

Tape: 6 Story: 4 - Raymond McGuire talks about opportunities at Citigroup

Tape: 6 Story: 5 - Raymond McGuire talks about working through crises

Tape: 6 Story: 6 - Raymond McGuire talks about handling the sale of Wyeth pharmaceutical company to Pfizer Inc.

Tape: 6 Story: 7 - Raymond McGuire talks about the effect of the 2007 economic crisis

Tape: 6 Story: 8 - Raymond McGuire ranks international regions by market size and economic influence

Tape: 6 Story: 9 - Raymond McGuire talks about his work for Citigroup and its development during his tenure

Tape: 6 Story: 10 - Raymond McGuire talks about his art-collecting

Tape: 7 Story: 1 - Raymond McGuire talks about creative organizations and artists he supports

Tape: 7 Story: 2 - Raymond McGuire reflects over his life

Tape: 7 Story: 3 - Raymond McGuire talks about his son and describes what he envisions for his future

Tape: 7 Story: 4 - Raymond McGuire describes his hopes and concerns for the African American community

Tape: 7 Story: 5 - Raymond McGuire considers what he may have done differently

Tape: 7 Story: 6 - Raymond McGuire considers his legacy

DASession

1$1

DATape

3$5

DAStory

2$6

DATitle
Raymond McGuire talks about the political community at The John F. Kennedy School of Government at Harvard University in Cambridge, Massachusetts
Raymond McGuire talks about managing a business deal with Nabisco and R.J. Reynolds Tobacco Company
Transcript
So the other communities that you mentioned--$$Mm-hmm.$$So what were some of the other communities? You mentioned the athletics--$$(Unclear) to the politics as an example.$$Okay.$$This is at the Kennedy School [The John F. Kennedy School of Government at Harvard University, Cambridge, Massachusetts]. And this is one where you were introduced to some of the country's great politicians. Dutch Morial [Ernest Nathan Morial] I can remember back, the great mayor of New Orleans [Lousiana]. And when, when Dutch came, this is, remember this is a time when you're first getting a number of, of black mayors.$$That's right$$And so to get exposed to that in the world of politics was, was, we actually could see in a way that, in a world where black representation had been denied for all the reasons that we know, to see these people who had been able to, to, to get to that level, to command the respect of the voting population to get them to that level was, was, it was encouraging. It was up lifting. It was certainly inspiring. So you would see these politicians, you can, then you'd go and you go to debate but that was part of the political process. At least you are at a much junior level at that level at the, at the college you thought you were actually practicing. So it is a, it was a world of, of politics and, and governance and government. And for people who aspired to be in public service, who wanted to be in government service that was a great training ground for that. And many of them have gone on to do that. Many people who weren't part of that have gone on to become part of that as well but many of them have gone on to do that. That's, that was kind of the intro to politics.$Okay, so let me ask you, during this period of time what deals are you most proud of that you did?$$The, the Nabisco transaction was a big deal.$$And that, that deal was--$$Carl Icahn went after Nabisco.$$Mm-hmm.$$And I was the lead M&A [mergers and acquisitions] banker on that deal.$$And that deal was of, almost a $15 billion deal.$$It was probably $15 billion, something along that line.$$Yeah, right.$$It was a big deal.$$On that line. And is this your first time in a deal where Carl Icahn is involved? 'Cause he was, is it, is it the first time?$$I'm thinking through that, Carl, there had been other instances I think where I was probably something that Carl did but directly, where Carl is directly on the other side and I'm associated, this is probably the first one.$$Okay. And the person heading up of, you know, what, what I found interesting because this, you do a similar deal later than this but with, 'cause you work on another Philip Morris later, right?$$Yeah, that's, that's--$$That's much later.$$Yes.$$Okay. But, but the thing that I found interesting about this, can you just talk about the nature of what Nabisco, why the Philip Morris and Nabisco deal made sense at the time, and who was trying to do what? Can you talk a little bit about that?$$Yeah this, this goes on, if, if I remember the facts correctly, RJR [R.J. Reynolds Tobacco Company] and Nabisco had been under the overall, back when the big deal was done, the, the take private deal back in the '80s [1980s] I guess it was, large leverage buy out. And we split the, the tobacco up from the food company. The reason it got to be so complex is because the heavy tax implications for selling the food business prematurely. And the reason, the way that, that the deal evolved was because there was an outsider who came in, who instigated a, a transaction in the form of Carl Icahn. The rules didn't apply to the sale of the food business. And we eventually ran an auction for the sale of the food business, for the sale of the Nabisco business. And Philip Morris bought it, great strategic deal for them. We got a great price for the Nabisco shareholders. Carl made off well, his investors made off well. And we eventually left with the, the RJR business was primarily a cash business. It had a lot of cash on its balance sheet. It was, was and was a good business, sort of backup business from a cash flow generating standpoint. And we will successfully sell the business to, to, to the Philip Morris people. And they ran it well and then it got sold or spun off.$$So was the use of an auction, had you used that before and--$$Sure.$$Okay. So there are lots of-$$Yeah, it's a public auction.