By Sabrina Valle and David French
NEW YORK (Reuters) – Citigroup has promoted three senior healthcare investment bankers – Sumit Khedekar, Nishant Jadav and Michael Guarino – in the bank’s push to win more deals in the industry, an internal memo seen by Reuters on Tuesday showed.
Sumit Khedekar, who had led the Wall Street bank’s biopharma unit and healthcare investment banking in the Americas, has been named head of healthcare globally, said Chuck Adams, global head of the healthcare, consumer and retail investment-banking groups at Citi, in the memo.
The appointments reflect the accomplishments of the three bankers in the biopharma and healthcare services sectors, said Adams in the memo, noting also that healthcare was a key part of Citi’s strategy to grow its investment banking franchise.
A Citi spokesperson confirmed the contents of the memo.
Khedekar joined Citi in 2022 after working at Credit Suisse and Bank of America, according to his LinkedIn profile.
Nishant Jadav was named global head of healthcare services. Michael Guarino will assume Jadav’s role as head of healthcare services in North America, according to the memo.
Jadav joined Citi in 2022 after serving about 17 years at Bank of America, his LinkedIn profile showed.
Guarino, a former Goldman Sachs investment banker, has headed healthcare technology investment banking in North America since joining Citi in 2022.
Citi has recently advised on some notable healthcare deals, including Catalent’s $16.5 billion sale to the parent company of Novo Nordisk.
(Reporting by Sabrina Valle and David French in New York; Editing by Richard Chang)
