201 – Governance and accountability lose their Barings

Posted by  Anecdote International —March 12, 2024
Filed in Anecdotes, Podcast, Uncategorized

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Underground trading behaviours, poor governance and accountability led to Barings bankruptcy

In this episode, our hosts Shawn Callahan and Mark Schenk kick off the 2024 season of the show!

The episode features a cautionary story about Nick Leeson, an infamous investment trader for the Queen’s bank (Barings) who traded them into bankruptcy.

Expect to learn:

  1. The devastating story leading to the bankruptcy of England’s oldest investment bank
  2. The importance of governance and accountability
  3. The impact of high risk investment trading
  4. The vital difference between talent and luck

And…much more!

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Photo by Samuel Regan-Asante on Unsplash

For your story bank

Tags: governance, internal control, trust, accountability, trader, bankruptcy

This story starts at 04:09 and ends at 10:39

This business story is centred around the downfall of Barings Bank in the 1990s. The bank’s Singapore office, led by the young and successful Nick Leeson, initially thrived with a doubling strategy, turning profits. However, Leeson’s high-risk trades led to substantial losses hidden in an obscure account. The lack of oversight and accountability within the bank’s governance allowed the losses to accumulate, ultimately resulting in the bank’s bankruptcy in February 1995.

The takeaways from this story include: the importance of governance, trust, accountability, and the fine line between talent and luck in the financial world.

About  Anecdote International

Anecdote International is a global training and consulting company, specialising in utilising storytelling to bring humanity back to the workforce. Anecdote is now unique in having a global network of over 60 partners in 28 countries, with their learning programs translated into 11 languages, and customers who incorporate these programs into their leadership and sales enablement activities.

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