Calello, who will relocate to New York in May, has been in Asia for five years. There will be many in the region who will rue his departure. A very popular banker, the personable and dynamic Calello won respect from clients and staff as well as from competitors.
ôI love the region,ö says Calello. ôEven in my new role, which is a global one, I see myself spending a lot of time in Asia. I will continue to have a key role in Asia.ö
The management changes follow a shuffle at the top. Former Credit Suisse boss, Oswald Grnbel, will retire in May to be succeeded by Brady Dougan. Calello will take DouganÆs old job.
ôThese changes,ö says Calello, ôare very positive for the region. I have many years of experience in Asia-Pacific. Brady Dougan has 10 years of working experience in the region too. This means at the very top level of Credit Suisse we have people who understand Asia and have a wholehearted commitment to the region.ö
Calello has been with Credit Suisse for 17 years and has spent more than 12 years outside the US. In his new role, he will be responsible for around 20,000 staff. It marks one of the first times that a major firm has promoted someone from Asia to such a senior role.
ôThe regional job I have held as CEO of Credit Suisse in Asia-Pacific has given me the experience of working in the integrated bank,ö says Calello. ôNot just working in investment banking, but also overseeing private banking and asset management.ö
Credit Suisse is a firm that has utilised Asia as a training ground for senior management. ôIn the US, the businesses can sometimes be organised in silos,ö says one source. ôOne of the great things about managing our business in Asia is that it gives managers a great overall perspective on all our businesses. That is why senior managers in Asia are perfect to be transferred to more senior roles elsewhere.ö
What is less clear is who will succeed Calello as the head of Asia. In an official capacity, Calello says on this subject: ôWe will announce a succession plan in due course.ö
However, speculation is already rife. One strong theory sees Eric Varvel returning to Asia; leaving his role of co-head of global investment banking after two years in the job. Another view reckons it might be interesting to see an Asian take the reins, and there is speculation that current Asia vice chairman, Lito Camacho, is a possibility in that respect.
Calello passes no comment on his successor but simply says: ôWe have made enormous progress in our Asia-Pacific businesses in recent years and I am very proud of the strides we have made.ö