Former NYC Mayor Michael Bloomberg confirms he will not run for president

Former New York City Mayor Michael Bloomberg said on Monday he will not enter the race for U.S. president in November, because it was clear he could not win and he did not want to risk enabling a victory by Republicans Donald Trump or Ted Cruz.

Last month the Financial Times quoted Bloomberg as saying he found the campaign discussions "distressingly banal" and considering running for president.

Bloomberg said in a online column that in a three-way race, no candidate was likely to win a majority of electoral votes, handing the choice to the Congress.

(Reporting by Eric Walsh; Editing by Chris Reese)