Making Money I Lost £862 Million & Collapsed a 233-Year-Old Bank
Apr 20, 2026
Nick Leeson, the trader whose hidden losses collapsed Barings Bank, gives a candid mini bio and reckons with how things spiralled. He recounts the first sign it was wrong. He reveals the secret accounts and weak controls that let losses grow. He reflects on the psychological toll, the tipping point in 1994, and who in the system failed to stop it.
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Fear Of Failure Fueled The Cover Up
- Fear of failure and status needs drove continued concealment more than technical inability.
- Leeson cites working-class background, bravado and inability to 'put his hand up' as psychological drivers behind his escalation.
Minute One He Knew But Chose To Conceal
- Nick Leeson knew he was wrong from minute one but concealed a small loss hoping the market would recover.
- He delayed reporting a ~£10k error, then compounded it by hiding it in an error account and repeating the concealment pattern.
Escalate Losses Immediately
- Do escalate material losses immediately instead of delaying; small concealments rapidly compound into catastrophic positions.
- Leeson delayed calling senior traders and instead hid losses in an error account, which grew from thousands to millions.