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:
“The English language is like a broad river on whose bank a few patient anglers are sitting, while, higher up, the stream is being polluted by a string of refuse-barges tipping out their muck.”
—Cyril Connolly (1903–1974)