Barings look to future as 21 are asked to leave

Barings is expected to start recruiting in the coming weeks to reinforce its securities and banking businesses following the enforced resignations yesterday of 21 senior executives. "For anyone prepared to go north while most people are going south, joining Barings offers a great opportunity," said one insider.

ING, the new Dutch owner, called for the resignation of everyone in Barings' London, Singapore and Tokyo offices who had had direct-line responsibility for the derivatives business in the Far East which broke the bank under nearly £900m of losses.

The most prominent victim yesterday was Peter Norris, the former chief executive officer of Barings Investment Bank. Ronald Baker, the head of the futures trading group which employed Nick Leeson, the Singapore trader responsible for the ruinous derivatives speculation, also departed.

Together with the earlier resignations of Peter Baring, the ex-chairman, and Andrew Tuckey, the ex-chief executive, the number of senior victims of the Barings debacle now totals 23.

Some of them are likely to find it very difficult to get jobs again in the City. The Bank of England, after the completion of its current enquiry into how Barings collapsed, may decide to blackball certain key individuals judged to have been guilty of gross incompetence and managerial negligence.

While the list of departures is long, it has not left gaping holes in Barings operations, insiders said. Nearly all of the dismissed 21 had been sidelined from being involved in active management as long ago as mid-March. Their posts were filled by a number of ING directors, who have taken over board level responsibilities for Barings, as well as experts from ING's international operations and other Barings employees who have moved up.

"Management holes do not exist at the moment, but there will be a definite need for new people to exploit the capacity of the business," said a source close to ING.

Hessel Lindenbergh, the ING board member who now heads Barings, said the mass departures were essential to clear the difficult atmosphere within the firm and to restore morale among both remaining staff and clients.

A number of US broking firms who in the past brought substantial regular business to Barings had made clear they were waiting for the removal of the key people judged to have been responsible for the failure to control Nick Leeson's activities.

"Our review has confirmed that the problem stemming from Singapore was extraordinary and not endemic. It is a problem we have put behind us. We now turn to our attention to the future," said Mr Lindenbergh yesterday.

"Before the events leading to the acquisition, no one questioned the standing of Barings. In corporate finance, in asset management, in securities trading, in all its other service areas, the name of Barings was rightly held in the highest regard," he said. "These are strengths that do not disappear because of an isolated event, however calamitous, in one part of the operation."

Resignations and Departures

London

Peter Norris Chief Executive, Baring Inv. Bank

Ron Baker Head, Financial Products Group

Geoffrey Broadhurst Finance Director

Tony Gamby Head, Settlements

Brenda Granger Head,Futures & Options Settlements

Anthony Hawes Treasurer

Ian Hopkins Head, Group Treasury & Risk

George MacLean Head, Bank Group

Helen Smith Manager, Market Risk

Mary Walz Global Head, Equity Derivavtives

Singapore

James Bax Regional Manager, South East Asia

Simon Jones Regional Ops Manager, SEAsia

Rachel Young Financial Controller

Tokyo

William Daniel Branch Manager, Japan

Fernando Gueler Head, Equity Derivatives

Motoharu Hanawa Treasurer

Hideo Kaneko Head,Settlements

Vincent Sue Risk Manager

Satoshi Yamanda Head,Futures &Options Settlements

Teruo Yashima Financial Controller/Manager Osaka

PROMOTED VIDEO
News
A model of a Neanderthal man on display at the National Museum of Prehistory in Dordogne, France
science
News
Dawkins: 'There’s a very interesting reason why a prince could not turn into a frog – it's statistically too improbable'
newsThat's Richard Dawkins on babies with Down Syndrome
Sport
Malky Mackay salutes the Cardiff fans after the 3-1 defeat at Liverpool on Sunday
footballFormer Cardiff boss accused of sending homophobic, racist and messages
Sport
Rodgers showered praise on Balotelli last week, which led to speculation he could sign the AC Milan front man
transfers
Life and Style
life – it's not, says Rachel McKinnon
Arts and Entertainment
Eye of the beholder? 'Concrete lasagne' Preston bus station
architectureWhich monstrosities should be nominated for the Dead Prize?
News
ebooksAn evocation of the conflict through the eyes of those who lived through it
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Trainee Recruitment Consultant

£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...

Test Lead (C#, Java, HTML, SQL) Kingston Finance

£40000 - £55000 per annum: Harrington Starr: A Global Financial Service Organi...

Access/Teradata Developer, Banking, Bristol £400pd

£375 - £400 per day: Orgtel: Access / Teradata Developer - Banking - Bristol -...

Quantitative Analyst (Financial Services, Graduate, SQL, VBA)

£45000 per annum: Harrington Starr: Quantitative Analyst (Financial Services, ...

Day In a Page

Middle East crisis: We know all too much about the cruelty of Isis – but all too little about who they are

We know all too much about the cruelty of Isis – but all too little about who they are

Now Obama has seen the next US reporter to be threatened with beheading, will he blink, asks Robert Fisk
Neanderthals lived alongside humans for centuries, latest study shows

Final resting place of our Neanderthal neighbours revealed

Bones dated to 40,000 years ago show species may have died out in Belgium species co-existed
Scottish independence: The new Scots who hold fate of the UK in their hands

The new Scots who hold fate of the UK in their hands

Scotland’s immigrants are as passionate about the future of their adopted nation as anyone else
Britain's ugliest buildings: Which monstrosities should be nominated for the Dead Prize?

Blight club: Britain's ugliest buildings

Following the architect Cameron Sinclair's introduction of the Dead Prize, an award for ugly buildings, John Rentoul reflects on some of the biggest blots on the UK landscape
eBay's enduring appeal: Online auction site is still the UK's most popular e-commerce retailer

eBay's enduring appeal

The online auction site is still the UK's most popular e-commerce site
Culture Minister Ed Vaizey: ‘lack of ethnic minority and black faces on TV is weird’

'Lack of ethnic minority and black faces on TV is weird'

Culture Minister Ed Vaizey calls for immediate action to address the problem
Artist Olafur Eliasson's latest large-scale works are inspired by the paintings of JMW Turner

Magic circles: Artist Olafur Eliasson

Eliasson's works will go alongside a new exhibition of JMW Turner at Tate Britain. He tells Jay Merrick why the paintings of his hero are ripe for reinvention
Josephine Dickinson: 'A cochlear implant helped me to discover a new world of sound'

Josephine Dickinson: 'How I discovered a new world of sound'

After going deaf as a child, musician and poet Josephine Dickinson made do with a hearing aid for five decades. Then she had a cochlear implant - and everything changed
Greggs Google fail: Was the bakery's response to its logo mishap a stroke of marketing genius?

Greggs gives lesson in crisis management

After a mishap with their logo, high street staple Greggs went viral this week. But, as Simon Usborne discovers, their social media response was anything but half baked
Matthew McConaughey has been singing the praises of bumbags (shame he doesn't know how to wear one)

Matthew McConaughey sings the praises of bumbags

Shame he doesn't know how to wear one. Harriet Walker explains the dos and don'ts of fanny packs
7 best quadcopters and drones

Flying fun: 7 best quadcopters and drones

From state of the art devices with stabilised cameras to mini gadgets that can soar around the home, we take some flying objects for a spin
Joey Barton: ‘I’ve been guilty of getting a bit irate’

Joey Barton: ‘I’ve been guilty of getting a bit irate’

The midfielder returned to the Premier League after two years last weekend. The controversial character had much to discuss after his first game back
Andy Murray: I quit while I’m ahead too often

Andy Murray: I quit while I’m ahead too often

British No 1 knows his consistency as well as his fitness needs working on as he prepares for the US Open after a ‘very, very up and down’ year
Ferguson: In the heartlands of America, a descent into madness

A descent into madness in America's heartlands

David Usborne arrived in Ferguson, Missouri to be greeted by a scene more redolent of Gaza and Afghanistan
BBC’s filming of raid at Sir Cliff’s home ‘may be result of corruption’

BBC faces corruption allegation over its Sir Cliff police raid coverage

Reporter’s relationship with police under scrutiny as DG is summoned by MPs to explain extensive live broadcast of swoop on singer’s home