John Mack's influence has begun to be felt in Asia, with his appointment of Paul Calello as the new CEO and Chairman of Asia. Calello is one of the most senior people in CSFB and sits on the executive board.

He was running the group's global equity derivatives and convertibles business, one of CSFB's most consistently profitable areas, and is reckoned to be one of the firm's best managers.

Meanwhile, current chairman, Stephen Stonefield will become vice-chairman, and take on a new role purely covering high level corporate clients. Said one source: "Calello is a very senior guy within the firm, and his appointment signifies that John Mack really wants to give Asia a voice within CSFB."

Calello had previously spent five years in Asia, based in Tokyo, and has been with CSFB for 12 years. Prior to that he was at Bankers Trust. It will be the first time that CSFB has created a CEO role for Asia and will empower the local man (as opposed to the global product lines) with P&L responsibility and to allocate bonuses.