worldwide markets should be " quite weaker sufficiently to absorb it without lasting damage " , he said . " i must assume that these consequences are common to generale and should not apply to other banks participating in london . " barings faced losses of at minimum 600m in contracts on four foreign issues in delhi , osaka and tokyo , he said , but ' further unquantifiable losses ' were expected .
The banking firm Barings collapsed due to speculations made by Nick Leeson.