Like his brother, he was involved in the family banking business, beginning his career in the Liverpool office of Barings Bank. He later moved to New York City to join Kidder Peabody. When, in 1890, Kidder Peabody split its dual Boston-New York firm, Baring became a partner in the separated New York firm. He and another Kidder-Peabody alumnus, George C. Magoun, formed Baring, Magoun & Co. of New York.[4] Both houses continued as North American agents for Barings.[5]
Following the near-collapse of Barings, which initiated the Panic of 1890, and the death of senior partner Thomas Charles Baring (a cousin) in 1891, Tom returned to London to become a Managing Director of the reorganized Baring Brothers and Co. Limited in 1892. In 1896 he joined the new Barings partnership formed to oversee the limited company. He remained in both positions until his retirement in 1912. Although Tom was the eldest of the partners, his nephew John Baring, 2nd Baron Revelstoke became head of the firm.[5]
Personal life
In 1901, Baring was married to heiress Constance Barron, daughter of William Barron and Fanny Louisa Lonergan.[6] Her sister, Agnes Barron, had married Baron Alexandre de Stoeckl in 1892, and became lady in waiting to Princess Maria of Greece and Denmark.[7] Together, they were the parents of:[3]
Richard Baring (1902–1940), who married Violetta Archer, a niece of Lord George Dundas, in 1922.[8][9] After her death in a flying accident in 1931, he married Margaret Sutton, daughter of Dr. Henry Thomas Sutton, in 1932.[3]
