Chase Alumni Association

A Moment in Bank History: In Veritate, Vino! 

Gene Ret: Check the Cellar

In October of 1986, London financial markets were opened to international financial institutions. This so called “Big Bang” enabled Chase and other non-UK institutions the ability to become market makers in the lucrative UK gilt and equities markets. Chase opted to enter this market by purchasing two UK entities, Simon & Coates and Laurie Milbank. I was a member of a team to assess the operations of these entities.  

 

During the assessment, I heard multiple references in conversation referring to “the cellar”. It was said in a way that placed significant value to whatever treasures it held. I finally asked if I could visit “the cellar” and was surprised to find a fully stocked wine cellar with vintage bottles. We estimated that over 1,000 bottles existed, with many valued at more than $2,000 each.

 

At a celebration to mark closing of the purchases, some of these bottles managed to be served. You never know what you're going to get when you buy a company, so check the cellar.