Euromobiliare Starts FX Trading With Team Poached From Caboto

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MILAN--Euromobiliare Investment Bank, the newly formed investment banking arm of Italy’s Credito Emiliano Group is setting up a new FX desk with a team poached from rival Caboto.

The move leaves Caboto, the securities arm of Italy’s largest banking group, Banca Intesa, with no foreign exchange trading staff, bankers say.

Four remaining FX traders are part of the separate Banca Intesa operation.

Caboto officials would not comment.

Francois Semerdjian, former head of treasury at Caboto, told FX