Barclays on 17 November 2015, promoted Mike Bagguley who was formerly the head of macro products to be the chief operating officer of their investment bank. He replaced Justice Bull who stopped working at the bank earlier in the year. Bagguley went to the University of Warwick and specialized in mathematics. He started to work at Barclays in 2001. He has also had significant roles in London, Tokyo, Johannesburg and New York.
Mike Bagguley who had worked for 14 years in Barclays before the promotion would take up the role of accelerating the delivery of the bank’s overhaul from the previous year. The last year’s strategy, which was made public in May 2014, saw Barclays transfer 90 billion euros in the form of risk-weighted assets into a single unit. The bank also reorganized its primary banking operations and began a 3-year plan to reduce up to 7000 jobs, which was almost a quarter of the bank’s employees.
Bagguley became the head of macro products in 2014 after the department was formed as part of the overhaul. The division was aimed at bringing together distribution and trading across credit, rates, commodities, and foreign exchange in an attempt to reorganize the bank’s operations. In his role, he was to align the bank’s infrastructural functions and assist in coordinating and delivering the investment bank’s projects. During his time, he helped the bank to achieve almost all its strategic goals.
In an internal memo, King suggested that the bank’s strategic choices from the previous year could be validated from their recent third-quarter results. He also said that there was still more to be done to achieve the bank’s goal. He considered Mike’s appointment as a great contributor to the progress the bank had made so far. He went on to say that his appointment would help to quickly deliver to their clients and have excellent potential for the business. From 2015 to date, Barclays continues to post improved FICC revenues under Mike’s leadership. His former position at Barclays was given to Rob Bogucki and Nat Tyce.