Barings

Barings was a historic British bank known for its reputation and long history. In 1995, it became famous for an internal scandal involving rogue trader Nick Leeson, who secretly made risky financial bets that resulted in huge losses exceeding $1 billion. His unauthorized trades overwhelmed the bank's risk controls, causing Barings to collapse and leading to its acquisition by the Dutch bank ING. The incident highlighted the importance of strong oversight, risk management, and internal controls in banking.