Citigroup’s head of healthcare investment banking in Europe is stepping down from the bank after six years in the role.
Anthony Hartley, a former medical doctor who joined Citigroup in 2014, has resigned from the bank, according to people familiar with the move. He was appointed head of healthcare investment banking for Europe, the Middle East and Africa in 2016.
A spokesperson for Citigroup declined to comment.
Hartley joined Citigroup from UBS where he was a managing director focused on healthcare. He previously spent 12 years at Morgan Stanley.
Healthcare remains an active sector for deals even as investment banking activity has slumped in 2022. So far this year, there has been $229.4bn worth of healthcare deals, according to Dealogic, down from $440bn at the same point in 2021.
The sector has been a key focus for Citigroup, which unveiled six senior hires in April from rivals including Bank of America and Credit Suisse. It also took on former Goldman Sachs partner, Chuck Adams, to lead a new ‘supergroup’ of dealmakers focused on the healthcare, wellness and consumer sectors.
Citigroup chief executive, Jane Fraser, has said that the bank will continue to invest in dealmakers despite a recent downturn in investment banking that pushed fee income down by nearly 40% this year. Healthcare is a key priority, she said during an investor day in March.
“We are hiring more top talent. We’re shifting our investment banking sector focus to be more heavily weighted towards growth companies in the industries that are converging, such as healthcare and technology,” she said.
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Source: fnlondon.com
