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.
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.
DiBacco, who was based in New York, was fired from UBS in January 2012. UBS alleged that he “failed to ensure appropriate systems were in place to minimize the risk of unauthorised trading on the ETF desk in London,” FINRA records show.
He worked at UBS from 1999 until that point, the records show.
He graduated from MIT with a bachelor’s degree in mechanical engineering, according to his LinkedIn profile.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.