John Mack, the former president of Morgan Stanley, has resurfaced as the new chief executive of Credit Suisse First Boston following the sacking of Allen Wheat.

Mack, who has been out of work since leaving Morgan Stanley in March, will take on a wider role than Wheat had, heading the bank's asset management business as well as the investment bank, from 2002. Mack will also be deputy chairman of the Credit Suisse Group.