Credit Suisse Group’s Paul Calello, who participated in the 1998 discussions that resulted in the bailout of hedge fund Long-Term Capital Management, has died.
The former investment banking chief at Credit Suisse succumbed to non-Hodgkin’s Lymphoma in New York on Tuesday. He was 49.
Calello had stepped down as head of the investment bank just over a year ago to begin treatment for the cancer. He is survived by his wife and four children.
Calello joined Credit Suisse in 1990 to launch the bank’s derivatives business. Eight years later, he attended the New York Federal Reserve’s emergency meeting on LTCM. Ten years later, he was back, trying to help arrange a bailout to save Lehman Brothers Holdings.
“Paul Calello was an outstanding leader, and a down-to-earth, very human colleague who forged strong relationships and made a positive difference in the world around him,” CEO Brady Dougan said. “We will miss him greatly.”
Calello and Dougan both came to Credit Suisse 20 years ago from Bankers Trust Corp. When Dougan was promoted to CEO from investment banking chief three-and-a-half years ago, he was succeeded by Calello.