Mike Bagguley Receives Promotion To COO At Barclays

Mike Bagguley’s Crunchbase profile lists him as a businessman who lives in London, England. He graduated in 1988 from the University of Warwick and holds a degree in mathematics. He now works of Barclays PLC as their chief operating officer, a position he has held since June 2016. Prior to this, he had been the leader of Barclay’s macro markets business. In that position he had been tasked with creating greater efficiency, reducing costs, and increasing profitability. His success in this led to his promotion.

As the COO of Barclays’ Mike Bagguley reports directly to this company’s top executive, Tom King. This bank is in the process of overhauling its strategy and Mike Bagguley is responsible for accelerating this effort. As part of this, they have cut 7,000 positions over the course of three years and have also streamlined the investment banking side of the company. He has a lot of experience doing strategic overhauls. He put in place a new strategy when he was heading the macro markets business as that division had been hit hard by a cyclical decline as well as structural issues he inherited. After Mike Bagguley took on the role of COO at Barclay’s he also joined this bank’s executive committee as a board member.

When Mike Bagguley led the macro market business he was able to turn this division around. Revenues were up in the first year he was on the job by 3 percent. Income revenues from fixed income were down just 2 percent compared to other Street banks which had average fixed income drops of 25 percent. His efforts led to Barclay’s being one of just two banks to show better FICC revenues for 2014.

It was in 2001 that he first joined Barclay’s. He started out working on the fixed income trading desk. After working in London for a few years he was promoted to more senior roles and worked in New York, Tokyo, London, and Johannesburg.

https://www.euromoney.com/article/b12kncdqpscbzc/barclays-ficc-is-reborn-as-macro