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Barings Bank was a British merchant bank based in London, and one of England's oldest merchant banks after Berenberg Bank, Barings' close collaborator and German representative. It was founded in 1762 by Francis Baring , a British-born member of the German–British Baring family of merchants and bankers.
Barings LLC, known as Barings, is a global investment management firm owned by Massachusetts Mutual Life Insurance Company . It operates as a subsidiary of MassMutual Financial Group, a diversified financial services organization. [7] As of December 31, 2023 Barings held US$381+ billion in assets under management. [8]
In April 2022, Massachusetts-based Fidelity Investments announced it would be the record keeping service provider of MassMutual's corporate 401K plan. [79] A total of 11,593 employees make up the company's global workforce. [80] As of 2016, MassMutual Life Insurance holds Fortune 500's 76th place – up from 2015's 94th. [81]
In the Boston Division - which includes all of Maine, Massachusetts, New Hampshire, and Rhode Island - "total reported losses in 2023 were $89,553,975," according to a statement from the FBI-Boston.
The bank was saved by The Bank of England, but Edward Baring, the head of the bank, was financially ruined and never recovered. The documentary explores the culture of Barings and of the financial markets during the 1990s, and how Nick Leeson was able to cause another huge loss of money to the bank, this time bankrupting the company.
Re Barings plc (No 5) [2000] 1 BCLC 523 is a leading UK company law case, concerning company directors' duties of care and skill. The case is formally identified and cited as "No 5", [ 1 ] though some observers regard it as the sixth in the saga of litigation concerning Barings Bank .
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