As a founding member of the bank's financial products division, he helped create the global market in equity derivatives; he was at the forefront of the shift East in the capital markets as one-time head of Credit Suisse's Asian and Pacific operation; and more recently he was at the centre of post-crisis thinking with his 'bail-in' proposals for resolving failing banks and his devising a bonus plan linked to the performance of heavily marked down structured products.
But as important as his achievements in investment banking, Paul was also respected and admired for remaining approachable, even as his stature in the industry grew and his schedule became ever more demanding.
Brady Dougan, CEO of Credit Suisse, who worked with Paul for more than 25 years, described him as "an outstanding leader and a very human colleague who forged strong relationships and made a positive difference in the world around him".
Mr Dougan continued: "We will miss him greatly but his spirit and accomplishments will remain a part of Credit Suisse."
This last point is indisputable. Credit Suisse has gained many accolades during the past few years (winning The Banker's top investment banking award in 2007 and 2010), and has been a hailed as a bank that negotiated the financial crisis successfully, in contrast to its more accident-prone record in years gone by. Paul played a key part in the turnaround and the improved risk management at the bank. His deep understanding of derivatives and all the issues surrounding them clearly helped. His focus on 'leadership and ethics' also contributed and New York's Columbia Business School, where Paul obtained an MBA, recently announced a professorship in this area in his name, endowed by a group of Credit Suisse colleagues.
As well as his dedication to banking Paul was passionate about many other things. He was a keen runner and completed his first marathon in his native Boston at the age of 13. Paul served on the Council on Foreign Relations, the Economic Club of New York and on the international board of advisors to the former Philippines president Gloria Arroyo. He was also keen on music and was on the board of directors of the New York Philharmonic.
Paul is survived by his wife, Jane DeBevoise, a daughter and three sons.
