(Bloomberg) -- Citigroup Inc. hired Michael Guarino from Goldman Sachs Group Inc. as North America head of health-care technology, with the company betting on growing demand for investment-banking services in the sector.
Guarino will join in October as a managing director based in New York. At Goldman Sachs, he focused on both health-care technology and health-care services more broadly, according to a memo Wednesday from Chuck Adams, global head of health-care, consumer and retail investment banking at Citigroup. A bank spokesman confirmed the contents of the memo.
“Health-care technology represents a strategically important sector,” Adams said in the memo, “and is positioned for growth.”
Adams joined Citigroup from Goldman Sachs last year to oversee a new global health-care, consumer and wellness “super group,” and has been building out the team after some departures. Citigroup is making a push to win more mandates in health care, and is shifting investment-banking resources “toward growth companies, particularly those in the industries that are converging,” Chief Executive Officer Jane Fraser said at an investor day this year.
At Goldman Sachs, Guarino advised on some of the industry’s highest-profile deals, including Cerner Corp.’s $29 billion sale to Oracle Corp. and Medline Industries Inc.’s $34 billion purchase by Blackstone Inc., Carlyle Group Inc. and Hellman & Friedman, according to the memo from Adams.
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