Deutsche Bank Poaches Health-Care IT Banker From Citigroup

(Bloomberg) -- Deutsche Bank AG has hired Citigroup Inc. health-care investment banker Jorge Barreiro, according to people familiar with the matter. 

Barreiro was most recently a director at Citigroup. At Deutsche Bank, he’ll cover health-care information technology and be a managing director, one of the people said, asking not to be identified because the matter is private. 

A representative for Deutsche Bank declined to comment. A spokeswoman for Citi didn’t immediately respond to a request for comment. 

Deutsche Bank has been hiring to bulk up its coverage of health-care, one of the busiest sectors for M&A. It’s brought on about a dozen managing directors and directors including Spencer Watts who covers health-care facilities and clinical outsourcing as well as Priyanka Verma, who covers pharmaceutical services and diagnostics companies. Helen Oesch will also join in October to cover biotech and pharmaceutical companies.

Barreiro is the latest departure from Citi’s health-care investment banking group in recent months, following exits by Toby King, co-head of North America health-care investment banking, and managing directors Chris Gartin, Robert Jackey, Ben Carpenter and Bradley Wolff, among others. 

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. 

In June, Citi said it would combine its global health-care and consumer and retail investment-banking businesses into a “super group” to help win more mandates in those sectors. It hired Goldman Sachs Group Inc. partner Chuck Adams to oversee the new global health-care, consumer and wellness group. 

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