Nick Gleeson

Quick Facts

Full Name	Nick Gleeson
Date Of Birth	Feb 25, 1967(1967-02-25)
Age	57
Birthplace	Epsom
Country	New Zealand
Birth City	Auckland Region
Horoscope	Aquarius

Nick Gleeson Biography

Nick Gleeson is one of the most popular and richest Celebrity who was born on February 25, 1967 in Epsom, Auckland Region, New Zealand. Nicholas William Leeson, born 25 February 1967, is an ex-English derivatives trader who was infamous for bankrupting Barings Bank in the United Kingdom. He was a rogue trader, making fraudulent, unauthorized and speculative moves. His actions directly led to the 1995 bankruptcies and for which he was sentenced.

Leeson began making unauthorised speculative trades in 1992 that initially made Barings large profits: PS10 million. This represented 10% of Barings annual profit. On his PS50,000 salary, he earned a bonus in the amount of PS130,000. Leeson’s luck quickly turned sour, and he used one Baring’s errors accounts (accounts used for correcting mistakes in trading) to conceal his losses. This account was used by Leeson to conceal an error committed by one of his colleagues. Barings PS20,000 was the cost of 20 futures contracts that she had purchased for Fuji Bank.

Leeson left a note reading, “I’m sorry” and fled Singapore on 23 February. Losses eventually reached £827 million (US$1.4 billion), twice Barings’s available trading capital. After a failed bailout attempt, Barings, which had been the UK’s oldest merchant bank, was declared insolvent on 26 February. After fleeing to Malaysia, Thailand, and finally Germany, Leeson was arrested in Frankfurt and extradited back to Singapore on 20 November 1995, though his wife Lisa was allowed to return to England. While he had authorisation for 16 January short straddle, Leeson was charged with fraud for deceiving his superiors about the riskiness of his activities and the scale of his losses. Several observers have placed much of the blame on Barings’s own deficient internal auditing and risk management practices.

The beginning of the end occurred on 16 January 1995, when Leeson placed a short straddle in the Singapore and Tokyo stock exchanges, essentially betting that the Japanese stock market would not move significantly overnight. However, the Kobe earthquake hit early in the morning on 17 January, sending Asian markets, and Leeson’s trading positions, into a tailspin. Leeson attempted to recoup his losses by making a series of increasingly risky new trades (using a long-long future arbitrage), this time betting that the Nikkei Stock Average would make a rapid recovery. However, the recovery failed to materialise.

The error account’s losses surpassed PS2 million by the end 1992. They climbed to PS23 million in 1993. By 1994, this amount had risen to PS208 millions. Leeson used a strategy called “doubling”, where he doubled the amount of money lost to recover the money. He had used this strategy in the past to cover a PS6million negative balance in his error account. In 1993, he even managed to do so. After that, he pledged to never use the account again. Leeson was a trading genius, and he soon had to hide his losses. Leeson invented cover stories to justify why he needed more money from London as the losses increased. He was protected from scrutiny by his sterling reputation.

Nick Gleeson Net Worth

Nick Gleeson is one of the richest from New Zealand. According to our analysis, Wikipedia, Forbes & Business Insider, Nick Gleeson 's net worth $5 Million. (Last Update: December 11, 2023)

Nick Leeson was born in Watford in Hertfordshire. He attended Parmiter’s School near Garston. His parents were working class and his mother was a nurse. His father was a plasterer by trade, while his mother was a nurse. Leeson graduated sixth form in 1985 and received six O Levels, two A levels in English Literature/History with C and D grades respectively. He failed Mathematics in his third subject. In 1985, he was hired by the Coutts private banking branch at Lombard Street. Leeson worked there as a clerk, settling paper cheques and crediting and debiting client accounts.

Leeson joined Morgan Stanley’s Futures and Options Back Office in 1987 to clear and settle listed derivatives transactions. Leeson was offered a job in the front office but there were few opportunities. He joined Barings Bank on a salary at PS12,000 per year two years later. He was temporarily accompanied by four settlement specialists and sent to Hong Kong to help troubleshoot Barings’s Jakarta, Indonesia back office. Leeson went back to London in September 1991, to investigate fraud between a Barings employee and a client. The client had allowed the employee to trade on a proprietary basis, until margin calls from clearinghouses revealed the scheme.

In April 1992, Barings decided to open a Future and Options office in Singapore, executing and clearing transactions on the Singapore International Monetary Exchange (SIMEX). Barings had held a seat on SIMEX for some time, but did not activate it until Leeson, appointed general manager, was sent over to head both front office and back office operations. Prior to leaving, Leeson was denied a broker’s licence in the UK because of committing fraud on his application. He had failed to report a judgment against him entered by the National Westminster Bank. Neither Leeson nor Barings disclosed this denial when he applied for his licence in Singapore.

Height, Weight & Body Measurements

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Who is Nick Gleeson Dating?

According to our records, Nick Gleeson is possibily single & has not been previously engaged. As of December 1, 2023, Nick Gleeson’s is not dating anyone.

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Between 2005 and 2011, Leeson had management roles at League of Ireland club Galway United. He is also active on the keynote and after-dinner speaking circuit, where he advises companies about risk and corporate responsibility. Leeson competed in the UK Celebrity Big Brother 2018, where he finished in fourth place.

Facts & Trivia

Nick Ranked on the list of most popular Celebrity. Also ranked in the elit list of famous people born in New Zealand. Nick Gleeson celebrates birthday on February 25 of every year.