Barings Bank

Barings Bank (1762 to 1995) was the oldest merchant bank in London until its collapse in 1995 after one of the bank's employees, Nick Leeson, lost £827 million ($1.3 billion) due to speculative investing, primarily in futures contracts, at the bank's Singapore office. Barings Bank was founded in 1762 as the John and Francis Baring Company by Francis Baring, with his older brother John as a mostly silent partner. They were sons of John (né Johann) Baring, wool trader of Exeter, born in Bremen, Germany. The company began in offices off Cheapside and within a few years moved to larger quarters in Mincing Lane. Barings gradually diversified from wool into many other commodities, providing financial services necessary for the rapid growth of...