As mentioned in today’s Open Thread, a Remsen Street resident and the chairman of the Credit Suisse investment banking group, Paul Calello, has died at 49. The cause was non-Hodgkins Lymphoma.
New York Times: “Paul reshaped what an investment bank is supposed to look like,” said Wilson Ervin, a senior adviser to Mr. Dougan [the bank’s chief executive] at Credit Suisse, which has emerged from the crisis in better shape than many of its peers.
Mr. Calello also helped devise a novel plan of paying bankers’ bonuses with the firm’s toxic assets that were clogging the bank’s balance sheet. The plan, which was controversial when it was announced, has been largely successful as assets, like mortgage-backed securities and corporate loans, have increased in value.