Barclays Names Mike Bagguley Chief Operating Officer

A move made by Barclays Bank to restore its former glory saw Mike Bagguley promoted as the bank’s Chief Operating Officer. This move made by the bank gears towards re-shaping the investment bank. Bagguley previously held the position of Head of Macro Markets. His new job will play a significant role in the progressive restructuring of the bank’s investment business. Bagguley will report to the bank’s investment Chief Executive Officer, Tom King. It is another change of leadership barely a month ago when Jes Staley replaced Antony Jenkins as the new chief executive. Analysts suggest that the move was intended to strengthen Barclay’s investment banking business. From his LinkedIn, Mike Bagguley went to the University of Warwick where he graduated with a degree of Bachelor of Science in Mathematics.

His former position saw Mike reshaping the macro business including foreign exchange, interest rates, and commodities products since the revenues in trade had drastically gone down and their profit income badly hit by the firm regulations. His vital role will be synchronizing main projects across the bank. The bank earlier, appointed Sir Gerry Grimstone as it focused on the investment banking industry. Sir Gerry will stand in as Mike Bagguley Deputy. He holds vast experience in his position, formerly worked at the Financial group Schroders in London, New York, and Hong Kong and was once the co-chairing the banking activities of Schroders Worldwide Investment. Re-positioning of its investment bank is the critical priority for Barclays says Mr. Jenkins who got his appointed in 2012 after the Libor rate-fixing scandal.

Mike Bagguley started work right away on the macro products last year, a division in the group created as part of the overhaul. He helped gear up a turnaround for the group, and the results were impressive since the third quarter macro revenues went up by 3% on 2014 levels at £485m. On the other hand, the overall taxes on fixed income went down by 2%, an average drop of 25% in FICC revenues. There are only two banks that up-to-date having posted improved FICC revenues, Barclays boasting to be one.

Mike Bagguley’s position as the head of macro products will be held jointly by Nat Tyce and Rob Bogucki who are co-heads of macro trading, and the head of macro distribution Kashif Zafar.

https://www.wsj.com/articles/barclays-names-mike-bagguley-as-chief-operating-officer-of-investment-bank-1447758213

Jul
7