SWITZERLAND - John Mack, the former CEO at Morgan Stanley, has resurfaced as CEO at Credit Suisse First Boston (CSFB), following the departure of former CS chief Allen Wheat.
Mack’s arrival at Credit Suisse, where he will also be vice president of the group, coincides with a phasing out of the Credit Suisse Asset Management brand, with CSAM to be realigned under a joint CSFB corporate division that will target both institutional and private banking clients.
Previously the group had split the two divisions.
CSFB will now incorporate the new investment management arm alongside Credit Suisse Financial Services, which will focus on retail orientated business.
Regula Arrigoni, a spokesperson at Credit Suisse in Zurich, comments: “The environment has become much tougher with the new challenges of consolidation.
“John Mack is one of the best known and respected Wall Street bankers and he has the personality to take us forward.”
Commenting on Allen Wheat’s departure, she added: “He has been a key figure in the last decade and made the company what it is today.”
Arrigoni says the restructure is part synergy, part brand driven:
“ Now there will be one unit on the consumer side and one unit on the corporate side.
“ Credit Suisse Asset management will no longer be a business unit in its own right.
“ There are synergies that can be used in infrastructure, marketing and product development, because there are similar products used by the different client groups.
“ Also we want to use the brand more efficiently.”