Mike Bagguley, COO of Barclays Capital
The former head of macro products Mike Bagguley has been promoted by Barclays to be the Chief Operation Officer for the investment bank. Mike comes in to replace Justin Bull. Mike Bagguley will start working immediately in his new role. Bagguley will directly report to Tom King, the chief of the investment bank. His central task will be to accelerate the delivery of the strategic overhaul of the bank that was established last year. The strategic reform was announced in 2014. The strategy made the bank to transfer 90 billion pounds of risk-weighted assets to a non-core unit. In addition to this, Barclays streamlined its leading investment banking operations and started a three-year program to cut short 7,000 jobs.
Bagguley started working with the Macro Products Group last year. His position at the macro products was after there was a division as part of the strategic overhaul. The company gathers distribution and trading across credit, rates, commodities, and foreign exchange in trying to rationalize operations in an organization that has been battered by a cyclical and structural decline. Bagguley assisted in steering a minor turnaround when he was in charge of the division. The revenues of the macro’s third quarter were up by 3% in 2014 levels at £485m, while the overall fixed returns were down by 2%.
Mike Bagguley is the Chief Operating Officer of Barclays PLC’s investment bank since November 2015. Besides, Mike works at Barclays Capital as the global head and Managing Director of U.S Dollar Derivatives trading/FX Trading. Since May 2013, Mr. Bagguley has served as the head of Foreign Exchange and commodities at Barclays PLC. Moreover, Mike Bagguley was accountable for strategic positioning including all aspects of risk of FX franchise internationally for Barclays Capital. Since 2001, Mike has been in different positions including head of Interest Rates as well as Head of FX Cash Trading in Fixed Income Division of Barclays Capital in New York. In this division, Mike was responsible for U.S Dollar interest rate swap and U.S Treasury. Mike Bagguley is a shareholder Representative Director at LCH, Clearnet Group Ltd since 2011. Mike graduated in 1988 from the University of Warwick with a bachelor’s degree in Mathematics. All these information was extracted from Mike’s Crunchbase page.