Citi Hires Goldman Banker Adams to Run New Health-Consumer Group

Citigroup Inc. is combining its global health-care and consumer and retail investment-banking businesses into a “super group” to help win more mandates in those sectors.

The bank hired Chuck Adams, the Goldman Sachs Group Inc. partner who led West Coast health-care investment banking, to oversee the new global health-care, consumer and wellness group, according to a memo to staff Wednesday. Adams will join in December and report to Tyler Dickson and Manolo Falco, global heads of the banking, capital-markets and advisory unit.

Citi Hires Goldman Banker Adams to Run New Health-Consumer Group

The new team will be one of the division’s largest, comprising more than 150 employees from its advisory, corporate-banking and underwriting operations, according to a person briefed on the changes.

“Consumers post-Covid are going to be more concerned about health and well-being but more well-informed and empowered to make their own decisions.” Dickson said in an interview. “This is looking at the changing needs of health care and consumers, and making sure that we’re thinking about what’s going to change, what’s going to disrupt and what’s going to create growth.”

The change is aimed at helping the firm’s bankers forge more relationships with companies such as 23andMe Inc. and Hims & Hers Health Inc., examples of traditional sectors converging and becoming more tech-enabled to focus on consumers and their well-being, Dickson said.

Global dealmaking has been accelerating, with health-care and consumer transactions making up about a quarter of merger-and-acquisition volume so far this year, according to data compiled by Bloomberg.

Shuffling Bankers

At the same time, several of Citi’s health-care investment bankers have departed in recent weeks, including Toby King, co-head of North America health-care investment banking, and managing directors Chris Gartin and Robert Jackey. Last year, King’s former co-head, Jennifer Fox, left for Nuvation Bio Inc. while Chris Hite, who had been Citi’s global head of the health-care group for 12 years, went to Royalty Pharma Plc.

Citi has been shuffling groups and hiring bankers in a push to become one of the world’s top three investment banks. It ranks fifth among M&A advisers currently.

Dickson and Falco have reshaped much of their investment-banking operations into “super groups” in recent months, combining industries facing similar structural trends and encouraging bankers to work together more often. In March, the two merged the energy, power and chemicals franchises into a new division called the natural resources and clean energy transition group. Weeks later, the firm tapped Philip Drury to lead a new unit focused on advising companies in technology, media, entertainment, data and telecommunications.

“We want to be the go-to corporate investment bank for the disruptors,” Dickson said of the group announced Wednesday. “If you want to bank the companies that are going to change the game, you need to be where change is happening faster.”

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