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The ever pleasant Ben Welsh, former head of fixed income, commodities and currencies at UniCredit Markets and Investment Banking, started at JPMorgan in early September as managing director, proprietary trading, in the bank’s commodity group. Bizarrely, JPMorgan declined to comment, perhaps as a result of the wave of publicity generated by the defection of several of its prop team to Barclays. Market sources are openly speculating that Welsh will soon be joined by former colleague Dan O’Sullivan, previously global head of FX trading at UniCredit.
