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) speculating - primarily - on futures contracts.
Barings Bank was founded in 1762 as the 'John and Francis Baring Company' by Sir Francis Baring, the son of John Baring, originally from Bremen, Germany. They were initially based in Cheapside. The Baring family lives in both G...
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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) speculating - primarily - on futures contracts.
Barings Bank was founded in 1762 as the 'John and Francis Baring Company' by Sir Francis Baring, the son of John Baring, originally from Bremen, Germany. They were initially based in Cheapside. The Baring family lives in both Germany and England.
In 1806, his son Alexander Baring joined the firm and they renamed it Baring Brothers & Co., merging it with the London offices of Hope & Co., where Alexander worked with Henry Hope. Around this time they relocated to Bishopsgate, where their headquarters remained for decades, undergoing several refurbishments.
Barings had a long and storied history. In 1802, it helped finance the Louisiana Purchase, despite the fact that Britain was at war with France, and the sale had the effect of financing Napoleon's war effort....
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