Barclays PLC has made the decision to promote the former head of the company’s macro markets business, Mike Bagguley, to the position of chief investment officer for the investment bank. Bagguley has accepted the responsibility to oversee a restructuring of the business.
Mike Bagguley will report directly to the bank’s top executive, Tom King, and the move was made effective as of the announcement.
Barclays made the move due to a need to streamline its operating procedures in order to reduce costs and improve the company’s profitability and felt that Bagguley would be the perfect person to oversee these efforts. He is also expected to properly align the infrastructure functions for Barclays, aid with the coordination and delivery of products, and join the executive committee of the bank.
King explains that the numbers posted for the quarter preceding the promotion of Bagguley demonstrate the solid decision making the company has made to get to this point but also expressed that there is much more work to be done.
Mike Bagguley has already been commended for the stellar work he has done for the company while overseeing the reshaping and restructuring of Barclays macro business which includes products containing to foreign exchange as well as interest rates.
Barclays is one of a group of banks that include Deutsche and UBS to scale back their trading activities and place more focus on areas that have not been as affected by industry regulations.
Mike Bagguley graduated from the University of Warwick in 1988 with a bachelor’s degree in mathematics. He first joined forces with Barclays in 2001, working at a fixed trading desk in London and to date has held top positions in Tokyo, Johannesburg, South Africa, and London.
King explains that the position as the head of the company’s macro business that is being vacated by Bagguley will now be a joint venture to be manned by Rob Bogucki, Nat Tyce, Kashif Zafar, three company employees that all have long term experience working in the macro division for Barclays.
The position of the chief operating officer had remained open since being vacated by past COO Justin Bull who left the post a few months before Mike Bagguley was hired.