Mike Bagguley Recently promoted to COO of Barclays
In 2015, Barclays promoted Mike Bagguley to Chief Operating Officer (COO) of its investment Bank. He was charged restructuring the business as quickly as possible. Prior to his promotion, Mike was head of the macro marketing business of the company. Mr. Bagguley graduated from the University of Warick with a Bachelor of Science in Mathematics in 1988. Mike would report directly to CEO Tom King.
Barclays is looking at reducing the size of its bank in order to cut cost and increase profits. Tom King also tasked Mike Bagguley with realigning infrastructure functions, coordinating projects and joining the executive committee. Although the company made changes in the previous year to improve profitability that yielded positive results, more improvements still needed to be made. Mike Bagguley was instrumental in the restructuring of the company’s macro business amid a changing environment that reduced profits.
Barclays and other major banks changed their focus to equities and advisories as trade profits fell due to stricter regulations. Mike joined the company in 2001 and has held a variety of roles and worked in many locations around he world. Justin Bull was the previous COO of the company and it took over six months for the company to fill his position.
The company had plans to cut over 7,000 jobs in order to streamline the company and achieve its ultimate goals. This would be a reduction of approximately a quarter of he companies workforce. The original plan to cut jobs and restructure the company was started in 2014. Mike Bagguley was the best choice to help turn the company around according to Tom King. His proven track record, experience and time with the company made him the ideal choice. Mike will have his hands full trying to turn around the company, but he is up to the challenge. I visited the crunchbase profile of Mike Bagguley to find out information about him.