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People and markets: Calello assumes global role at Credit Suisse

Appointment shows growing importance of Asia for business and for career growth.

Paul Calello, Credit Suisse

Under Paul Calello’s stewardship Credit Suisse has turned itself from an also-ran to a key contender in the Asia-Pacific region

The announcement in March from Credit Suisse that Asia Pacific CEO Paul Calello would be returning to New York to become CEO of global investment banking caused some surprise in the industry. Historically, investment banking heads have almost always emerged from the ranks of the Wall Street faithful, occasionally from successful European operations. Asia had in the past often been seen as something of a career dead-end, or at least a rung on the ladder that ambitious bankers need to step up from having served the mandatory term.The appointment of Calello, who is replacing Brady Dougan, now promoted to group CEO, underscores two important points. The first is the extent to which the Asian operations of global investment banks are becoming increasingly important as the region grows in influence. The second is the quality of the job Calello has done in turning Credit Suisse’s Asia operations from an also-ran into a top-tier competitor.

When Calello arrived for his second tour of duty in Asia in early 2002, Credit Suisse First Boston, as it was then known, was a bank with big problems.