'We're too polarized,' says Citigroup executive Raymond McGuire

Max Zahn
Reporter

Public opinion is roughly split down the middle on the impeachment and removal of President Donald Trump, as the historic political standoff threatens to sharpen an already acute political divide. On Thursday, one top banking executive said Americans are “too polarized,” urging the country to work toward solutions on pressing social issues like income inequality.

“We need to move forward with a coalition,” Raymond McGuire, vice chairman at Citigroup (C), said at the Yahoo Finance All Markets Summit. “We need to move forward more collaboratively.”

He listed a host of “fundamental issues...that our workforce is mindful of,” including health and wellness, climate change, and income inequality.

“The polarization has stalled the debate,” he adds.

McGuire has hosted a fundraiser for and donated $2,800 to the presidential campaign of Democratic Senator Kamala Harris.

NEW YORK, NY - JUNE 14: Raymond J. McGuire, Global Head of Corporate & Investment Banking, Citigroup Inc. attends the 2016 National Urban Technology Center Gala Awards Dinner at Gustavino's on June 14, 2016 in New York City. (Photo by Paul Zimmerman/WireImage)

McGuire took a position as Citigroup’s global head of corporate and investment banking in 2005, when he came to the company from Mergers and Acquisitions at Morgan Stanley. Last September, his job took on a new focus of “managing senior global client relationships,” according to a statement written in an internal memo at the time by Citigroup President Jamie Forese.

Citigroup exceeded Wall Street expectations last quarter, posting earnings of $1.83 per share instead of the $1.78 per share expected. Nonetheless last month, Citigroup reportedly laid off a number of research analysts worldwide, and aims to cut 400 jobs from its trading unit as a cost-cutting measure.

McGuire credited young employees at Citigroup for pushing the company to address social issues.

“Are we aggressively and actively, with a sense of urgency, addressing them? Absolutely,” he says. “With the millennial workforce, they’re motivating us to be that much more aggressive.”

All Markets Summit

Max Zahn is a reporter for Yahoo Finance. Find him on twitter @MaxZahn_.

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