Credit Suisse First Boston has appointed Stephen Volk as its new chairman, presumably with the hope that a decade's experience building up one of the world's largest law firms will help turn around the fortunes of the loss-making bank.

Volk's appointment comes barely six months after his arrival at the bank as its new vice chairman at the invitation of John Mack, CSFB's newly appointed chief executive. He takes over from Joe Roby, who became chairman emeritus and senior adviser in December. Prior to joining CSFB, Volk worked at Shearman & Sterling, a large New York-based international law firm, for 31 years. He spent the last 10 years as its managing partner.