Intesa bows out of London

The bank cut back because having two desks in the same time zone was "not effective", said Luciano Steve, head of rates at Intesa in Milan.

Although the bank attempted to negotiate transfers to Milan for a couple of employees in London, none of those moves came off, he said. That left about 18 dealers across FX, money markets and sales, out of jobs as a result of the move, including chief dealer in London, Les Lawrence.

An emerging markets desk, which was launched under Lawrence in mid-2001,