Barings Bank (1762 to 1995) was the oldest merchant bank in London, founded and owned by the German-origined Baring family. The bank collapsed 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.
Read more about Barings Bank: 1995 Collapse
Famous quotes containing the word bank:
“A bank is a confidence trick. If you put up the right signs, the wizards of finance themselves will come in and ask you to take their money.”
—Christina Stead (1902–1983)