On Wednesday Ben Welsh, former head of fixed income, commodities and currencies at UniCredit Markets & Investment Banking, started at JPMorgan as managing director, proprietary trading, in the bank’s commodity group. Bizarrely, JPM, which recently made a big fuss when it lost several of its team from the very same area to Barclays, declined to comment. Makes me wonder if I should report the bank to the FSA. In the meantime, chances must be high that Welsh will soon be joined by former colleague Dan O’Sullivan, former global head of FX trading at UniCredit.