Thomas Baring, known as "Tom", was the tenth child (fifth of second marriage) of Henry Baring of Cromer Hall, and younger full brother of Edward Baring, 1st Baron Revelstoke. Like his brother, Baring was involved in the family banking business, beginning his career in the Liverpool office of Barings Bank. He later moved to New York 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.