Who supposedly brought about the downfall of Barings Bank in 1995 after suffering losses of $827 million?
Barings Bank Barings Bank Barings Bank was a British merchant bank based in London, and the world's second oldest merchant bank (after Berenberg Bank). It was founded in 1762 and was owned by the German-originated Baring family of merchants and bankers. The bank collapsed in 1995 after suffering losses of £827 million ($1.3 billion) resulting from poor speculative investments, primarily in futures contracts, conducted by its employee Nick Leeson, working at its office in Singapore. Barings Bank was founded in 1762 as the John and Francis Baring Company by Francis Baring, with his older brother John Baring as a mostly silent partner.
Barings Bank Kuala Lumpur. Barings Bank auditors finally discovered the fraud around the same time that Barings' chairman, Peter Baring, received a confession note from Leeson. Leeson's activities had generated losses totalling £827 million (US$1.3 billion), twice the bank's available trading capital. The collapse cost another £100 million. The Bank of England attempted an unsuccessful weekend bailout. Employees around the world did not receive their bonuses. Barings was declared insolvent on 26 February 1995, and appointed administrators began managing the finances of Barings Group and its subsidiaries. The same day, the Board of Banking Supervision of the Bank of England launched an