The Strategy behind the Promotion of Mike Bugguley into the Role of COO at Barclays
Since his promotion to the position of the chief operating officer at Barclays Bank, Mike Bagguley has been instrumental in the success of the London-based investment bank. The decision was announced in November 2015 by the Tom King (the Investment Chief) in an internal memo to the firm’s staff. This would see the COO report to the chief of investments, Mr. King before the CEO Jes Staley informally replaced King.
The passion of Bagguley in investments and the banking sector could be as a result of his love for numbers and logic – he is a graduate of Bachelor’s degree in Mathematics, which is included in his crunchbase profile. He earned the degree in 1988 from the University of Warwick. With his mathematical background, Mike Bagguley is an affiliate of Actuaries Institute, besides heading other senior roles in the banking and investment sectors.
Bagguley journey in Barclays PLC began in 2001. He oversaw trading of fixed income in the investment bank and worked in different branches of the firm such as in Johannesburg, New York, Tokyo, and the company’s central office in London. Apart from fixed income trades, he headed the interest rate trade swaps section; notably, he spearheaded the trade of interest rates between the US Dollar and the United States Treasury.
Before his elevation to the Chief Operation Officer position, Mike Bagguley was the head of Macro Trading at the company. Nat Tyce and Bob Bogucki replaced Bugguley but as the joint heads of the unit. During his tenure as the president of macro trading, Bagguley oversaw the bank’s business in macro products boom to become one of the significant income generating areas for Barclays. His successors would continue expanding the unit as Mike resumed more prominent roles.
Indeed, it was in line with Barclays’ strategy to slim down its expenses and expand profits that Mike was elevated to his current position. Even though Mike Bagguley resumed the role after the departure of Justin Bull, his success in aligning macro trading infrastructure also inspired this change. Since then, he has been streamlining the bank’s investment infrastructure including a plan to roll out 7,000 jobs by 2018. And since his takeover, Bagguley has initiated these developments as Barclays bank continue to report positive revenue scores.
Tags : American business | B.S. in Mathematics | Barclays PLC | chief operating officer | Mike Bagguley | University of Warwick