Top Deutsche Bank healthcare banker splits for JPMorgan
Healthcare banking might not be healing the rest of the industry as well as it could at the moment, but that doesn’t mean that healthcare bankers aren’t in high demand.
Navtej Bhullar appears to be one of the beneficiaries of that demand. Bhullar was with Deutsche Bank for five years, joining the bank from Lazard in 2018 as an MD and co-head of its global healthcare M&A offering. He's just joined JPMorgan as head of healthcare services M&A, based in New York.
It’s not hard to see why a move to JPMorgan’s healthcare team might be a tempting one to make. Data from market intelligence provider Dealogic earlier this year showed that healthcare investment banking was the second largest revenue generator in the industry, and not too far off from the revenues of first-placed technology.
JPMorgan is consistently one of the biggest players in the healthcare space, being in the top four of fee generators since at least 2019, whilst Deutsche Bank hasn't crack the top five. Healthcare banking has been comparatively resilient as M&A revenues have fallen.
That being said, the M&A market is still rough. The FT reported last week that a proposed $140bn merger between healthcare insurance providers Cigna and Humana had fallen through – although Cigna, at least, was willing to look for “bolt-on acquisitions” to go along with its share buyback program. Maybe some hope for the healthcare bankers of the world, after all.
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