The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Credit Suisse’s Calello keeps hitting the target

On the table in his office on New York’s Park Lane Paul Calello, chairman of Credit Suisse’s investment bank, has a child’s toy.

Paul Calello, chairman of Credit Suisse’s investment bank

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. Calello had never heard of it. Within 24 hours an enterprising colleague had presented him with the game as a gift by way of explanation.

Those days were far from easy for Calello either. Credit Suisse was looking to exit positions in assets whose value was plummeting fast, if they had a value at all. Calello was in charge of the process.



You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree