Chase Alumni Association

 

Do you have a memorable story about Christmas or New Year's working at the bank? It could involve a work deadline, a party (make sure the story is printable!), celebrating during an overseas assignment or a rush to get home from overseas. If so, please send it ASAP to news@chasealum.org. (Photos welcome.)

 

 

 

 

 

 

From Joseph Lyons: Shortly before Christmas, must have been 1999, I was called in to Don Boudreau's office for a one-on-one meeting. He was a Vice-Chairman and ran the Consumer Bank at that time. He told me that the decision had been made (presumably by William Harrison) to sell the Hong Kong Consumer business. He wanted me to get the ball rolling on that over the holidays. So that began many days and nights of opposite time-zone phone calls to do a good bit of preliminary work. The business included a highly coveted existing bank license, and a significant credit card business.

     I did get to code-name the project "Britannia", after the royal yacht that ferried the last governor out of Hong Kong in 1997, when HK was returned to China. And we did have to go through a formal process to select the investment banker, although no-one was surprised when we went in-house. And I wrote the memo to CFO Dina Dublon, explaining that the business would be worth more to another bank who would pay more than the modest minimum valuation I put together. (It ended up with Standard Chartered.)

     The public deal details are in this Wall Street Journal story.

 

 

From Manuel Peña-Morros:

►  In 1984, during my tenure in Colombia, the Bank, through our London office, was subjected to a heist of $13.5MM via a series of transactions and transfers. 

     As Country Manager, I underwent a thorough investigation by the Colombian authorities as a person of interest. This episode in my career with CMB was demanding; however, our senior management always stood behind me.  

     Christmas was approaching and, living abroad, we usually travelled back to the Dominican Republic to spend the holidays with our family.  

     On December 23rd, we received information that Colombia was suing the bank, but, on the other hand, CMB was countersueing the government and two other financial institutions that were involved in the fraudulent transactions. Based on that information, I requested authorization to travel, and at the time, the only direct flight from Bogota to Santo Domingo was on Aerocondor – known as “aerocuando”, meaning departure and arrival times were usually uncertain. 

     We arrived at my parents home around 3 am on the 24th, and our priority was to wrap gifts for our children in time for Christmas. 

     To end this long and unfortunately story, on Black Monday, when the stock market crashed, I was in London attending the legal preliminary hearing of the case that was then settled amongst the four parties involved.

 

►  Ten years later, I was Country Manager in Mexico and on December 20th, 1994, the Mexican government declared a 15 percent devaluation and floated the peso. I received an early call from Brian O’Neill, head of LATAM, at our Miami apartment. Two hours later, I was on my way back to Mexico City. 

     Our Treasurer was Jorge Alonso, and the standing instructions were to close the FX position at year's end; however, Head Office determined to leave it open, thus producing an immediate loss. Jorge was also on vacation, and we all huddled back and were able to turn the loss into profits and we successfully closed the position. Four days later, on Christmas Eve, I was on my way to Santo Domingo, where I arrived right in time for dinner.

 

 

From Christine (Martone) Randazzo (Heritage MHT, 6/1975 thru 12/2005.): I'll never forget in the early 1980s one of our Attorneys had the MHT Legal Department's Christmas party at his NYC apartment. It was packed to the gills and you couldn't help getting to know your colleagues, but it was one of the most fun times in my 30-year career at the companies. The Activities Dinners were a blast as well.

     I remember that party and the dinners like they happened yesterday. Going to work was FUN.

     Happy Holidays, All!