Citi Hires Four More for Health-Care Banking in Push for Growth
(Bloomberg) -- Citigroup Inc. hired four more health-care investment bankers, doubling down on efforts to increase its market share in the sector.
The hires were announced in a memo to staff Monday from Chuck Adams, the global head of the health-care, consumer and wellness investment-banking group. Among the changes:
- Michael Brock, the former strategy officer at Acepodia, joined the bank last month as a managing director covering biotechnology companies on the West Coast.
- Brian McMahon will join Citigroup this month from Goldman Sachs Group Inc. to cover life-science tools and diagnostics, health-care services and medical-technology companies.
- JPMorgan Chase & Co.'s Ling Zhang will become the Hong Kong-based head of health-care investment banking for the Asia-Pacific region.
- Sandeep Wasan will join the lender's health-care group in May from Lazard Ltd. He'll be in Singapore.
New York-based Citigroup hired Adams from Goldman Sachs last summer to run a combined global health-care and consumer and retail investment-banking “super group.” The reshuffling and hires since then have been part of a push to position the bank to win more mandates in health care after several of Citigroup's investment bankers for the industry departed last year. The bank also hired Sumit Khedekar from Credit Suisse Group AG as head of health care for the Americas in its investment bank and Nishant Jadav from Bank of America Corp., Bloomberg previously reported.
Read more: Citigroup Investment Bank Hires Khedekar From Credit Suisse
“As highlighted in Citi's recent investor day, the health-care sector is an important growth opportunity,” Adams wrote in the memo Monday. “We are committed to continuing to invest in our health-care business and attracting and retaining best in class talent is a top priority of our global health-care, consumer and wellness franchise.”
The bank also appointed Robert Kane as global head of the health-care, consumer and wellness corporate-banking group, where he'll be have the task of working more closely with Adams's investment-banking “super group,” according to a memo Friday from Adams and Jason Rekate, global head of corporate banking.
Chief Executive Officer Jane Fraser said during Citigroup's investor day last month that the firm has been focused on building out its investment-banking units focused on companies in the health-care and technology industries.
“We're hiring more top talent and we're shifting our investment-banking sector focus to be more heavily weighted towards growth companies, particularly those in the industries that are converging, such as health care and technology,” Fraser said.
©2022 Bloomberg L.P.
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