Another senior executive is set to leave Deutsche Bank
REUTERS/Kai Pfaffenbach
Gallo, a former senior Lehman Brothers executive, joined Deutsche Bank in September 2015 as head of the institutional client group debt Americas. He replaced Lou Jaffe, who left after a 20-year career.
His impending departure marks the latest senior-level change in fixed-income sales at Deutsche Bank. Dixit Joshi, who previously led the bank's fixed-income sales force globally as head of the institutional client group for debt, moved to the role of group treasurer.
Suzanne Cain, whi had been European head of debt sales, left for a role at BlackRock in February. Her departure was followed by that of Kevin Burke, who held the same role in Asia.
The impending departure of Gallo now means that the global head, the US head, the European head, and the Asian head of fixed income sales will have either moved internally or left in 2017.
A Deutsche Bank spokesperson declined to comment.
Deutsche Bank reported debt sales and trading revenues of €2.3 billion in the first quarter, up from €2.1 billion in the first quarter of 2016. The bank cited strong revenues in credit and rates in particular.
Deutsche Bank cut its bonus pool for 2016 performance by 80%, slashing bonuses for second straight year in a move which affected around 25,000 senior employees.
The cuts are "of course frustrating," Karl von Rohr, the lender's chief administrative officer, told German newspaper Frankfurter Allgemeine Sonntagszeitung in an interview.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas