Why your organization could be the next Barings Bank
In February 1995, Simon Jones and Tony Railton of Barings Bank planned a meeting that afternoon with their star Singapore trader, Nick Leeson, to iron out a few financial discrepancies that had arisen in his Far Eastern office. A few minutes after the meeting was confirmed, Leeson made an excuse to leave the office … and never came back. It is common knowledge (as well as management folklore) what Leeson did leave behind – debts of over £850 million that brought down one of England’s most prestigious banks. At the time we thought that this scandal was a one‐off, never to be repeated story of deception and mismanagement. But when John Rusnak was arrested for covering up losses of £529 million at AIB earlier this year, senior managers were forced to ask themselves “could this happen to my organization?”
Year of publication: |
2002
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Published in: |
Strategic Direction. - MCB UP Ltd, ISSN 1758-8588, ZDB-ID 2089990-7. - Vol. 18.2002, 11, p. 4-6
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Publisher: |
MCB UP Ltd |
Subject: | Banking | Mismanagement | Fraud | Management styles |
Saved in:
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