Barclays PLC has promoted Mike Bagguley, the former head of macro markets business as the chief operating officer (COO) in charge of investment banking. His appointment comes as an effort to accelerate the restructuring of the business. His appointment came with immediate effect, meaning that he take up the new responsibility immediately. Barclays Bank which is based in London has appointed him as COO to be reporting to CEO of the investment bank Tom King.
Barclays has indicated that it is going to implement measures aimed at slimming down the operations of its investment bank while at the same improving efficiency. Mike Bagguley has been appointed for this sole purpose which is to achieve the goals the bank has set out to accomplish. In the new proposed structure, Barclays is tipped to generate more profits.
Among the responsibilities that Mike Bagguley faces include align the infrastructure to help the bank accomplish its goals. He will also be responsible for coordinating the projects in the investment bank. Already, the plan that was conceived by the bank has proven to work and now with the appointment of Mike Bagguley; the process will be expedited.
In his previous work designation, Bagguley was responsible for reduction and reshaping of the macro business operation in the bank. He worked on interest rates, trading revenues and foreign exchange among other factors. These measures were necessary since the banking sector was adversely affected by tough regulations and adverse economic environment.
Barclays bank joins other banks such as Deutsche, UBS, VX that have taken measures that will be least affected by tough regulations being passed by governments. Investment advisory and equities are some of the areas that will not hurt the bank in case of tough economic conditions.
Mike Bagguley at Barclays
Mike joined Barclays in 2001. He has worked with the bank in senior positions in various branches such as London, Tokyo, New York and Johannesburg. Buggley takes the position that was left vacant in April by Justin Bull. The management has huge confidence in Bagguley to achieve the financial goals of the bank. His performance in previous job descriptions proves that he can do wonders in his new position.