(Bloomberg) -- Citigroup Inc.’s former co-head of rates trading Pedro Goldbaum has joined Deutsche Bank AG as Germany’s biggest bank makes a push into the US bond market.

Goldbaum, who left Citigroup late last year during the US bank’s vast restructuring, joins Deutsche Bank in New York as head of dollar non-linear rates and inflation trading, and Latin America rates trading, according to an internal memo. 

“We continue to hire exceptional talent into our Americas business as we build on our leading FIC franchises in Europe” and Asia Pacific, Panos Stergiou, global head Deutsche’s institutional client group, said in an email.

Michael Fisher will also join Deutsche Bank in March, moving from Barclays Plc to run rates sales for banks, insurers and public sector entities. He will partner with Jessica Dahlman to grow business with hedge funds and asset managers, according to a separate memo. Vignesh Ravi, meanwhile, is relocating to New York from London to help oversee efforts with insurers across FIC asset classes.

Deutsche Bank’s fixed-income trading business is among the Frankfurt-based lender’s most important generators of revenue, accounting for almost 28% of the total in 2023. Yet the division has long relied on credit trading and financing — the buying and selling of corporate debt and lending to companies — rather than rates trading, where traders seek to profit from government bonds and derivatives tied to interest rates.

The bank’s smaller presence in US rates trading means that it missed out on an industrywide surge in revenue as investors rush to speculate on the Federal Reserve’s pace of interest rate changes and protect themselves against volatile swings in their holdings of US Treasuries. 

In January alone the average daily notional trading volume of US Treasuries was up 46% year on year at $891 billion, according to research from Coalition Greenwich. Societe Generale SA and Barclays have been among the banks hiring in this field since the era of near-zero rates came to an end.

The world’s biggest 25 banks shared $14 billion of revenue from US rates trading last year — the most in over a decade — yet Deutsche Bank placed only ninth in size, according to BCG Expand, the research arm of Boston Consulting Group.

Under Goldbaum and his co-head of rates trading Deirdre Dunn, Citigroup’s rates franchise snagged the No. 2 market-share ranking from Coalition Greenwich in the first half of 2023, up from No. 3 for all of 2022. Goldbaum spent nearly a dozen years at Citigroup, most recently in London, following stints at JPMorgan and Bear Stearns. 

--With assistance from Steven Arons.

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