Citigroup has hired Josef Ritter from Deutsche Bank as head of German equity capital markets as part of the bank's drive to expand German operations.

Ritter was a managing director in ECM at Deutsche and joins Paul Lerbinger, another former Deutsche banker who was recruited by Citigroup in 2002 as co-head of German investment banking. In 2002 Citigroup opened an office in Frankfurt to bring all its operations under one roof and made other senior hires such as Mark Wössner, previously chief executive of media group Bertelsmann.