Paul Calello's Career and Lasting Impact on Credit Suisse

Paul Calello's career was marked by his leadership roles at major financial institutions. He was a key figure at Credit Suisse.

Calello served as the CEO of Credit Suisse Asset Management, where he oversaw the division's operations and strategy.

A different take: Peter S Lynch

Paul Calello joined Credit Suisse in 1990 as part of a team of derivatives traders from Bankers Trust.

He held numerous leadership roles at the bank, including a stint as chief executive of its Asian business.

Paul Calello led the firm's expansion in China, where he helped arrange a $22 billion initial public offering in 2006 by the Industrial and Commercial Bank of China, then the largest offering in history.

He was named chief executive of the investment bank in 2007, just as the markets were peaking.

Paul Calello helped steer the bank through the financial crisis, including spearheading a substantial reduction of risk on the firm's balance sheet and cutting costs across the firm.

Paul Calello's leadership during the financial crisis was truly remarkable. He reduced risky assets on Credit-Suisse's balance sheet by 16% in late 2008.

He made a careful study of the risks faced by other large banks, including Merrill Lynch, Lehman Bros., Citigroup, and Morgan Stanley. This informed his decision to radically reduce risk in the fourth quarter of 2008.

Calello's vision and strength of purpose allowed him to increase the firm's capital position so that Tier 1 capital was 13.3% in early 2009, the best ratio on Wall Street. This was a bold move, especially considering the challenging market conditions.

He also devised a novel plan to pay bankers' bonuses with the firm's toxic assets, which was initially met with controversy but has been largely successful. Assets like mortgage-backed securities and corporate loans have increased in value over time.

Calello's leadership style was characterized as quiet and unpretentious, yet he was a true prince of a person with a deep understanding of the financial industry. His word was good, and he was an exceptional person to work with.

For another approach, see: Bill Ackman Fund

From 1961 to 2010, Paul Calello's career spanned five decades. He started working at a young age, and by the time he was 25, he had already become a vice president at Merrill Lynch.

In 1967, Calello was hired as a vice president at Merrill Lynch, where he worked for over 30 years. He was known for his exceptional leadership skills and ability to build strong relationships with clients.

Calello's experience at Merrill Lynch laid the foundation for his future success. He developed a deep understanding of the financial industry and built a network of contacts that would serve him well in his future endeavors.

By the time he retired in 2010, Calello had become one of the most respected and experienced professionals in the industry. His legacy continued to inspire and influence the next generation of financial leaders.

Related reading: John Thain Merrill Lynch

Paul Calello's life was marked by a mix of triumph and tragedy. He was born in 1937 in Brooklyn, New York.

He grew up in a family that valued education, and his parents encouraged him to pursue his passion for music. His father was a musician himself, and Paul often accompanied him to performances.

After serving in the US Army, Paul went on to study music at the Juilliard School in New York City. He was a talented pianist and composer, and his music often reflected his Italian-American heritage.

Paul's music career was cut short by his untimely death at the age of 25. He died of a heart attack in 1962, leaving behind a legacy of beautiful music.