Credit Suisse First Boston CSFB has appointed Stephen Volk as its new vice chairman, following last week's arrival of John Mack as chief executive officer, and his restructuring of the business.
Volk, who joins CSFB on August 1, will also be a member of the firm's executive board. He will work with Mack on the day-to-day management of the firm.
Last week Credit Suisse Group (CSG) announced the appointment of former Morgan Stanley president John Mack, following the shock departure of Allen Wheat. With Mack's appointment, CSG also announced that it would was restructuring its businesses, combining the group's investment banking and asset management operations under Mack's control.
Volk joins CSFB from the New York based law firm Shearman & Sterling. At Shearman & Sterling, he was senior partner, and during his time the firm grew by more than 70%. He joined the law firm in 1960 and was made a partner in 1968.
Speaking about Volk's appointment, Mack said: We are fortunate to have someone of Steve's rare ability joining CSFB. He is widely regarded by leading CEOs and corporate boards as one of the most trusted advisors to companies undergoing rapid change and growth. Steve's unique ability to build a sense of shared purpose among diverse groups of people will be invaluable as everyone at CSFB works together to forge a unified team.
By Geoffrey Ho
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers
The Pension Protection Fund (PPF) is consulting on proposals to charge a "risk reflective" levy for commercial defined benefit (DB) consolidation vehicles.