Deutsche boosts US swaps sales effort

Deutsche Banc Alex. Brown, the US investment banking arm of Germany's Deutsche Bank, has lured Steve Beck from internet mortgage bond trading platform, Vertical Crossings, to become a senior salesman offering interest rate swaps and bonds in the US.

Beck will report to Mallory Brooks, head of Deutsche's new cross rate group's sales team, formed through a joint venture between the bank's derivatives and fixed-income trading groups that sells interest rate swaps, mortgage bonds, Treasuries and agency debt.

Beck has previously worked as co-head of the residential mortgage-backed business at Nomura Securities, and was a senior pass-through trader at Salomon Brothers.