Deutsche Bank doubles down on bond trading in the US with big hire

Deutsche Bank is doubling down on bond trading in the US, hiring a former senior Lehman Brothers and Citigroup executive to a top sales post.

The German bank has hired John Gallo to be head of its institutional client group for debt in North America, according to people familiar with the matter.

That puts him in charge of the bank's fixed income sales force in the region. He replaces Lou Jaffe, who left the bank earlier this summer after a twenty-year career at Deutsche Bank.

He will report into John Pipilis, who is global head of the institutional client group for debt and is based in London.

Gallo had been head of sales to investors in North America at Citigroup up until his departure in March. He previously held a similar post at Lehman Brothers.

The hire is the latest in a long line of appointments by the German bank. Earlier this month, the bank hired Bryan North-Clauss as head of rates sales in the US. He was hired by Chris Yoshida, who joined Deutsche Bank in 2014 from Morgan Stanley as global head of rates sales.