McGuire is a Vice Chairman of Citigroup and Chairman of Banking, Capital Markets and Advisory. He has been privately discussing running for mayor since January.

“We’re in a war for the survival of this great City. Without a doubt we can do this. From the streets to the suites,” McGuire told CNBC, while confirming he plans to announce his departure from the bank and jump into the race.

The longtime Citi executive is getting into a crowded Democratic primary field for the mayor’s office. Maya Wiley, a former top attorney for Mayor Bill de Blasio, recently announced her entrance into the race. She was previously a legal analyst for MSNBC. De Blasio’s term ends on the first day of 2022.

McGuire will be surrounded by what a source familiar with the campaign called an “A+ team.” Charles Philips, one of McGuire’s closest friends and the former CEO of Infor, has been advising him on running for mayor. Philips could have a senior leadership role on the campaign.

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