The outgoing officer's first assistant can automatically fill the position for 120 days, at which point (or before) the President must put forth a nominee, or the President can appoint any other officer previously confirmed by the Senate.

FORBES: Fact and Comment

According to a banker with a close knowledge of Mr Adoboli's alleged activities, one reason why UBS failed to identify the unauthorised deals till Wednesday was that Mr Adoboli had a close knowledge of UBS's back office or administration procedures: he previously worked in the back office before becoming a trader.

BBC: UBS loss 'came from lots of small trades over months'