A Moment Mystery in Bank History

Why Did CMB London Have a Red Porsche 924?
 
This isn't so much a moment in bank history as a mystery in bank history that we're seeking your help in solving! We received an inquiry from a British doctoral student who recently purchased (with the intent of restoring) a "Guards Red" 1983 Porsche 924 that was originally registered, in June 1983, to Chase Manhattan Bank, Woolgate, Coleman Street, London. The newest owner is looking for information about her autobaby's life since.
 
Kiran Kaur is studying for her PhD in London in math and computer science when she isn't working on the Porsche, which currently has about 165,000 miles.
 
"Currently, the car is a non-runner," Kiran said. "It has a problem with the fuel injection system. I am learning how to diagnose (and hopefully master) the notoriously fiddly k-jetronic system. In the meantime, I am ticking away with little jobs like cleaning (always satisfying!), resealing the lights and boot, changing struts and aiming to restore the very tired 1980s brown/cream interior to its former glory. It's surprisingly rust-free, which is fantastic, though I am going to underseal the car to cope with the dismal British weather with the hope of being fully ready to take on the classic car shows by Spring 2025."
 
"I bought the car in November 2024 from a lovely chap in Newbury, England, not too far from London," she explained. "Throughout my life, my father has always had/collected cars and has been a huge Porsche fan. He had quite a few classic Porsches that he would tinker with while I did the harder job of holding the torch! As a child, I knew that when I was a 'grown up', I'd love a classic Porsche of my own and wanted to learn how to restore it like my dad."
 
Not so long ago, the Porsche 924 Young Owners Club was featured in the 911&Porsche magazine, and Kiran's father bought it to show her. A story detailed how the 924 is the perfect place for a young person to start (easy to repair, cheap to insure, etc).
 
"I set out looking for one as a resto project, but this time, the roles would be reversed, and Dad would be holding the torch (not me!)," she said. "We found this car and, given its age, it was in great condition and in the 'go faster' colour of guards red. It was a great starting place for a beginner like me to learn how to restore a classic car, and it was the Porsche I'd always dreamt of owning as a child.
 
"It's been great father-daughter bonding time which I will cherish forever, a great learning experience (fuel injection systems are more complex than a differential equation!) and I hope to meet lots of likeminded Porsche owners too. It's a true 80s icon and a great piece of engineering. As you can tell, I am a very proud owner!" (She also mentioned that the car is 20 years older than she is.)
 
Kiran found the CAA online and wrote to us, "I’m fascinated by the history of my car and would love to uncover more about its past life. I was excited to find your alumni association and hope that you might be able to help me track down the original owner of this car and who may have been driving around in it back in the day. I can’t help but imagine a stylish yuppie cruising around London in it during the 1980s.
 
"If there is any additional information, anecdote or lead you can share about its history, I’d be incredibly grateful. Restoring this car is as much about bringing it back to life as it is about celebrating its history. Porsche is the only manufacturer where more than 70 percent of all the vehicles they have ever produced are still cherished and on the road. This car was truly a feat of engineering and a stylish mark of success in the 1980s, and is still a timeless icon that turns heads (and sparks conversation) today. I would love to honor it and recover its history and story."
 
Below are the photos she sent us, including the maintenance/service book with the reference to Chase Manhattan Bank London, as well as a photo of the car itself (in current drizzly London), and a screenshot of the UK Gov registration details. From other service records, I believe that the car lived around the St John's Wood area of London with its first owner.
 
If you have any information, please contact news@chasealum.org, and we will put you in touch with Kiran.
 
 
 
 
 Comments
 
Send comments, your own corporate culture reminiscence or unrelated "A Moment in Bank History" stories to news@chasealum.org.
 
 
 
 What We've Learned
 
Dennis Longwell was UK Country Manager during the period in question, having begun his tour in that role in January 1982.  "Among the many peculiarities of doing business in the UK that I inherited was the car program for British officers," he told us when we contacted him. "This program, not unique to Chase, provided cars as a tax-effective component of the individual’s compensation.  The cars were for local officers; ex-pats were not affected.  Your sleuths are fundamentally correct - the cars were not only insured by Chase but maintained as well."
 
Albert Maasland wrote to us, “I seem to recall when I first traveled to London with Chase in the early mid 80’s that we had recruited a Eurobond team from Kleinwort Benson and that they had received red Porsche cars as part of the deal to come to Chase." Longwell's response: "I don't know any details about the team from Kleinwort Benson, but in the context of the program I have described, Maasland’s recollection rings true."
 
Janice (Grant) Verity, who received a red Porsche but didn't live near St. John's Wood, wrote, "So as far as I recall - the officer car scheme was a fringe benefit offered to all officers above the Assistant Treasurer level. The Foreign Exchange traders, the Investment bankers or any bank officer (me included) could participate in this scheme.However, I think you would have had to be a Vice President to have been able to have a Porsche. Please remember that in the eighties in London, the benefits were part of your remuneration package and lots of similar financial institutions were offering the same types of benefits to attract staff - maybe the salaries were not as high as in the US at that time?"

 
Allan Wright added another twist: The officer had use of the car for three years and then could trade for a newer model.
 
From Julian Cole: Some may remember an eventful day in October 1987, shortly after the Black Monday market crash, when two car transporters were seen parked on Coleman Street outside Woolgate House, Chase’s London office.
     In a few minutes the transporters were fully loaded with many fine cars, including a number of Porsches, being repossessed.
     Almost the end of an era...but not quite.