According to the bank, Mr Calello was instrumental in guiding it through the global credit crisis which hit the markets back in 2007.
Under his management, the firm was able to weather the market volatility and emerge well positioned following the downturn.
He was also credited with playing an instrumental role in developing the bank’s operations in the Asia-Pacific region, Credit Suisse explained in a statement.
Brady W Dougan, chief executive officer at Credit Suisse Group, said: "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.
“We will miss him greatly, but his spirit and accomplishments will remain a part of Credit Suisse. Our thoughts are with his family today."
He previously worked as chief executive of the investment division before his illness forced him to relinquish the post.
Mr Calello is survived by his wife, Jane DeBevoise and the couple’s four children.
By Jim Ottewill