The Barings Bank collapse of 1995 is considered a pivotal turning point in the history of banking and has become a textbook example of accounting fraud. Over a period of three years, Nick Leeson, a Singapore-based management employee of London's Barings Bank, lost £827 million (US$1.4 billion), primarily on futures contract speculation, and through manipulating the records, hid his actions until February 1995. When the losses were revealed, Barings Bank — the oldest merchant bank in the City of London, the Queen's personal bank and the financier of the Napoleonic Wars — was forced to default on its accounts.

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