It is the time when Barclays is now fed up in its investments banking unit and has appointed its new chief operating officer. It is aiming in returning its bid for its earlier glory days. Barclays has appointed Mike Bagguley through promotion from his former role. He used to be the head of the unit on macro markets, and he will start his new position immediately. While in the new office, Mike Bagguley will report Tom King who is the bank’s chief executive.
It is the latest change that has happened in the banking giant, and in last month JP Morgan was also confirmed as the new chief executive where he will be replacing Antony Jenkins. Even the analyst has commented on it, and they have said that it has signaled a bid in strengthening the bank’s investment banking business.
Mike Bagguley has been able to oversee the reshaping and reduction of Barclays macro business, which consists of foreign exchange, commodities products, and interest rates as the trading revenue running across the industry have hardened and fallen regulation hit the profitability. Mike Bagguley was given the role in coordinating the main projects that are across the investment bank. In the early of this month, Sir Gerry Grimstone was appointed as his deputy chairman while the lender is continuing in focusing on investment banking.
Sir Gerry has spent over a decade working with Schroders financial group located in Hong Kong, New York, and London. He was also the vice chairman of the organization in its investment banking activities.
The chairman of Barclays John McFarlane talked of the re-positioning last month and described it as one of their major priorities. In 2012, Jerkins was the one appointed aftermath of rate-fixing scandal by Libor, where he toned down Barclay’s business side.
His mandate was to steady the ship where he would restore the group’s confidence, but the shareholders and bank’s board lost their patience with how he approached, and the shareholders’ returns languished. The real retail experience of Jenkins was increasing to become a concern because the bank was traditionally a key profit driver.
Bob Diamond contributed to building Barclays investment bank, and by then it was making a huge profit and also engaging in other risk practices.