We obtain a sufficient condition on a B(H)-valued function phi for the
operator f bar right arrow Gamma(phi)f'(S) to be completely bounded o
n (HB)-B-infinity(H); the Foias-Williams-Peller operator [GRAPHICS] is
then similar to a contraction. We show that if f : D --> B(H) is a bo
unded analytic function for which (1 - r)parallel to f'(re(i theta))pa
rallel to(B(H))(2)rdrd theta and (1 - r)parallel to f ''(re(i theta))p
arallel to(B(H))rdrd theta are Carleson measures, then f multiplies (H
(1)c(1))' to itself. Such f form an algebra A, and when phi' is an ele
ment of BMO(B(H)), the map f bar right arrow Gamma(phi)f'(S) is bounde
d A --> B(H-2(H),L-2(H) - H-2(H)). Thus we construct a functional calc
ulus for operators of Foias-Williams-Peller type.