According to sources, Citigroup (C.N) has poached a Goldman Sachs (GS. N) partner to create a new M&A (merger and acquisition) advising business in New York focused on global healthcare, consumer, and wellness as it aims to expand its footprint in key areas.
Chuck Adams, a 16-year Goldman veteran, will start a new job in December as vice chairman and worldwide head of the new Citi entity, which the letter describes as a “super group” that would combine Citi’s existing healthcare, consumer, and retail activities.
According to the email, the decision was motivated by a rising convergence of industries that are becoming “more connected, consumer-centric, tech enabled, and focused on sustainable wellness.”
Adams will report to Tyler Dickson and Manolo Falco, global co-heads of Citi’s banking, capital markets, and advisory (BCMA) division. He was formerly responsible for Goldman’s healthcare investment banking unit on the West Coast as well as its West Region advising business.
In the message, the duo stated, “Healthcare, Consumer & Wellness will be one of our largest groups in BCMA and has one of the biggest prospects for development.”
Unlike other businesses, the healthcare industry has been mostly unaffected by the epidemic, and in the next years, cash-rich corporations are poised to lead a wave of consolidation. Adams spent ten years at Morgan Stanley (MS. N), where he concentrated on healthcare investment banking, before joining Goldman.