Barclays has appointed a new chief operating officer to beef up its investment banking sector in a bid to return its operation to its former glory days. Mike Bagguley, who has been serving as the head of macro markets unit has been promoted to this high-ranking role with an immediate effect. He is supposed to report to Tom King, who is the chief director of the investment bank.
This development is the newest change at the top management team of the banking giant, which also confirmed that Jes Staley who was the former banker at JP Morgan will be the new chief executive. According to analysts, this move signals a bid to reinforce its investment banking business. Under his leadership, Mr. Mike strived to oversee the reduction and reshaping of the banks’ macro business that included interest rates, foreign exchange products, as the trading income in the entire industry have dropped and rigid regulation affect profitability.
According to the statement released by Barclays, the role of Mr. Bagguley will include coordinating key projects across the investment bank. Recently, the bank nominated Sir Garry Grimstone as its Vice chairman, as the lender continues to grow its concentration on investment banking. Before being given this position, Sir Gerry has worked for 13 years with a financial group Schroders in New York, Hong Kong, and London. He served as the duty-chairman of Schroder’s worldwide investment banking activities.
John McFarlane pointed out that the reposition of its investment bank was one of the key priorities. In 2012, the bank appointed Mr. Jenkins during the aftermath of the Libor rate-fixing scandal. He changed the investment banking way of doing business by coming up with a mandate to steady the bank and restore confidence in the group. Barclays investment bank was established by its ex American chief executive officer Bob Diamond.
Mike Bagguley worked as the Director of Products and Foreign Exchange at Barclays Investment Bank as from May 2013. Mr. Bagguley was accountable for every phase of risk and premeditated positioning for Barclays Capital FX franchise internationally. Mike Bagguley went to Warwick University where he graduated with his Bachelors of Science in Mathematics in 1988.