Credit Suisse’s Calello keeps hitting the target

	Paul Calello, chairman of Credit Suisse’s investment bank

Whac-a-mole – a game you may have played in a fairground at some point, which involves hitting down on moles as they emerge above the surface – is not a low-cost stress-relief tool. It is rather a reminder of more difficult times for Credit Suisse and the industry as a whole.

In September 2008, Calello had a fraught conversation with then Lehman Brothers chief executive Dick Fuld. Exasperated by what was happening in the markets, and assailed from all sides, Fuld said he felt like he was the target in a real-life game of Whac-a-mole.