John Gallo, Deutsche Bank’s US fixed income sales chief, is set to leave the bank after just 20 months in the role, according to people with knowledge of the situation.
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.
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