11/19/2012 09:14 am ET

Scott Stringer Drops Out Of Mayoral Race to Run For Comptroller

NEW YORK CITY — Manhattan Borough President Scott Stringer has dropped his bid to become the city's next mayor.

Stringer formally announced Sunday that he will instead be running for comptroller, after he failed to gain traction in a crowded field of hopefuls that includes City Council Speaker Christine Quinn, Public Advocate Bill de Blasio, current city Comptroller John Liu and former Comptroller Bill Thompson.