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Barings Bank

Barings Bank, PLC, was a British merchant bank founded in 1763 and known as the “Queen's Bank.” The bank was one of the world's most highly regarded financial institutions before it suddenly collapsed due to the actions of a 28-year-old rogue trader, Nick Leeson, operating from the bank's Singapore affiliate. The sad tale of Barings highlights the need for financial institutions to adopt strict internal control procedures to monitor the positions established by traders on the institutions' behalf. [Source: Encyclopedia of Business Ethics and Society; Barings Bank]

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