Deutsche Bank unexpectedly pulled an offer to hire a top executive at the last minute, people familiar with the matter said, delaying its efforts to end churn at its fixed-income operation.
Rob Allard, a former Deutsche Bank executive who ran the structured product sales team before moving to Goldman Sachs in 2008, was due to join the bank as head of US fixed-income sales. He was set to replace John Gallo in that role. Matt Scully at Bloomberg reported the hire last week.
However, the job offer has since been rescinded, according to three people who did not want to be identified discussing the matter. It’s unclear why, they said. A Deutsche Bank spokesman declined to comment, as did Allard.
Allard was most recently CEO of hedge fund Firebreak Capital. The fund is closing.
It marks a strange turn of events for Deutsche Bank, which has seen a high level of churn in fixed-income sales.
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 earlier this year.
Suzanne Cain, who 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 departure of Gallo meant that the global head, the US head, the European head, and the Asian head of fixed income sales either moved internally or left in 2017.
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.