Thursday, February 21, 2013

Rogue Trader's Old Supervisor Got A Big Fat Promotion

Who said see no evil, hear no evil, speak no evil doesn’t pay?  The former supervisor of Kweku Adoboli, the UBS rogue trader who lost the firm $2.2 billion on the ETF desk in London, got a big promotion at his new firm.

From the Financial Times: John DiBacco, who was terminated by the Swiss bank for a failure to supervise after Adoboli’s crimes came to light in September 2011, was hired by Getco last March and has since been promoted to run its global equities business.

Mr DiBacco, now set to run global equities when the merger between the firms is completed, has said he disagreed with UBS’s assessment of his performance. He will be the Global Head of Equities Trading at Getco once it completes its merger with Knight Capital, according to a release...

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