Calello named chairman of Credit Suisse investment bank

Paul Calello has taken yet another step up in the Credit Suisse hierarchy with his appointment yesterday as chairman of the investment bank. He will be replaced as CEO of the investment bank by Eric Varvel, who is currently CEO of Europe, Middle East and Africa EMEA and has been acting CEO of the investment bank since September 2009 when Calello started to undergo medical treatment.

Varvel's taking over of the CEO position on a permanent basis will allow Calello to take a step back from the day-to-day running of the business, but enable him to remain closely involved in the building of Credit Suisse's key external relationships with clients, shareholders and regulators around the...