The Brain Drain At Ing Barings

Since the merger, its equities team has been damaged

Fifteen months ago, Hessel Lindenbergh got a hero's welcome from employees of Barings PLC. In early March of 1995, the now chairman of ING Barings strode into Barings' London trading floor to announce that the Dutch insurance and banking giant had won approval to buy Barings for $1.02 billion. That meant Britain's oldest merchant bank, which had gone bust a few weeks earlier after huge losses rung up by Singapore trader Nicholas Leeson, would be saved from near-certain breakup. With enormous relief, hundreds of Barings stockbrokers and analysts gave Lindenbergh a standing ovation.

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