Barings Bank
The collapse of barings bank in february 1995 was caused by colossal losses incurred by a single rogue trader.
Barings bank. The prestigious barings bank sends one of their traders a young englishman named nick leeson born in february 1997 to work in its singapore branch. In 1989 nick leeson was hired at barings where he prospered. Barings bank was a british merchant bank based in london and the world s second oldest merchant bank after berenberg bank baring s close collaborator and german representative.
Barings insights and customized strategies form the foundation for strong partnerships. He was quickly promoted to the trading floor and appointed manager in singapore where he traded on the singapore international monetary exchange simex. Founded in 1762 barings bank was a united kingdom institution with worldwide reach.
Barings is one of the most reputable financial institutions in all of the united kingdom. Barings is dedicated to act lead and drive change. Stephen fay s account of the fall of barings bank isn t so much a suspenseful whodunit as a how it was done with the veteran british journalist laying out the circumstances behind the debacle.
Founded in 1762 barings bank was britain s oldest merchant bank and queen elizabeth s personal bank. London beginning of the year 1990. Even the queen of england had an account there.
Once a behemoth in the banking industry barings was brought to its knees by a rogue trader in a singapore office. Barings banks was a british merchant bank that collapsed in 1995 after one of its traders 28 year old nick leeson operating in its singapore office lost 1 3 billion in unauthorized trades. Nick leeson the bank s then 28 year old head of derivatives in singapore gambled.