CitiGroup Bolsters Healthcare Banking with Top Talent Hires

Citigroup Inc. has recruited four new healthcare investment bankers to double its presence in the healthcare sector and increase its market share. 

More on the new hires

As per Bloomberg News, the new hires were announced to the staff through a memo on Monday. Chuck Adams, global head of wellness, consumers, healthcare investment banking group, told this apart from other changes such as 

• Brian McMohan from Goldman Sachs Group Inc. will join Citi Group in April to look after its life science tools and diagnostics, Healthcare services, and medical technology companies. 
• Former Strategy Officer Michael Brock at Acepodia joined Citi Group last month as the Managing Director overlooking Biotechnology companies located on the West Coast. 
• Ling Zhang from JPMorgan Chase and Co will join Citi group as its head of investment banking division for the Asia Pacific region, based out of Hong Kong. 
• Sandeep Wasan from Lazard Ltd will join the bank’s Healthcare group in May and be based out of Singapore. 

Last summer, the New York-based Citi Group Inc. hired Chuck Adams from Goldman Sachs to run its combined global consumer, retail, and health care business which formed the “supergroup“. The reshuffling and hiring have been a part of the push that the bank positioned itself for winning more business mandates, especially in health care, where several of its investment bankers had left the organization last year. 

Citi Group also hired ex Credit Suisse Group AG Sumit Khedekar as its Head of Health care in investment banking for the U.S. Bloomberg also reported the hiring of Nishant Jadav from Bank of America Corp. 

In a memo on Monday, Chuck Adams wrote that the health care sector is an important opportunity for growth, as highlighted by the bank on its investor’s day. As per him, Citi’s commitment to investing in the health care business and recruiting top-class talent will be the top propriety of the bank in the global consumer, health care, and wellness franchisee. 

In another memo on Friday by Adams and Jason Rekate, the global head of corporate banking said Citi has appointed Robert Kane as the worldwide head of wellness, consumers, healthcare investment corporate banking group, working closely with the investment banking “Super Group” headed by Adams.

Last week in the investor meeting, Jane Frazer, the Chief Executive Officer of Citi Group Inc., said that the bank is entirely focused on building its investment banking divisions that focus on companies in the technology and healthcare industries. 

As per Frazer, the bank is hiring top talent and shifting its investment banking priority to be heavily weighted towards growth companies that converge, especially in the healthcare and technology sectors.