Mike Bagguley was the head of macro products in Barclays before the company promoted him to become the COO of the investment bank. He takes his new role immediately and will be reporting to the head of the investment bank, Tom King. Mike’s purpose is to accelerate the delivery of the strategic overhaul of the investment bank that started some time back.
The Investment bank announced a new strategy in May of 2014 that lead to the transfer of risk worth £90bn. Barclays later started streamlining its banking operations and getting rid of redundant positions. The three-year plan is said to ax over 7,000 jobs from the payroll, which is a quarter of the workforce in the company.
Mike Bagguley took over the macro products section a while back after the division was created as part of the strategic overhaul of the company. The macro products group brings together a set of distribution and trading ideas across credit, rates, commodities and foreign exchange to streamline the business operations that have over the years been weakened by cyclical decline and structural weaknesses. During his term in the group, Mike Bagguley successfully steered a turnaround by pushing macro revenues by three percent in the third quarter of 2014. The fixed income revenues were down by two percent but had outperformed the average drop of 25 percent witnessed in FIC revenues over the time. Barclays became one of the two banks that improved their FICC revenues.
The background of Mike Bagguely
Mike Bagguely attended the Peterborough High School in South Australia where he graduated in 1982 before earning his bachelors in Mathematics from Warwick University in 1988. He has held different positions in several institutions around the globe, such as the head of Trading Hong Kong when working at Sanwa FP Co LLC and the chair of Asian Trading Swap at Merill Lynch. At Barclays, Mike has held various positions throughout his career mostly in line with the foreign currency exchanges, commodities, and the United States dollar derivatives. He has also headed the Capital Interest Rate Swaps at the bank.