Barclays Names Mike Bagguley as COO of Investment Bank
18 November 2015 - 1:28AM
Dow Jones News
LONDON—Barclays PLC on Tuesday took further action to reshape
its investment bank by naming macro markets head Mike Bagguley as
chief operating officer of the unit.
Mr. Bagguley, a 14-year Barclays veteran, will take a key role
in accelerating the continuing restructuring, reporting to
investment bank Chief Executive Tom King, according to an internal
memo reviewed by The Wall Street Journal.
Barclays has been cutting staff and exiting businesses in its
investment bank to adapt to increased regulation and changes in
investor activity. The group's new CEO, Jes Staley, has pledged to
speed up an overhaul centered around the division and its fixed
income, currencies and commodities, or FICC, business.
Mr. Bagguley told The Wall Street Journal last month that "the
old FICC models no longer work" because of higher capital
requirements imposed by global banking regulators. Across the
industry, European fixed-income trading volumes dropped 24% in the
third quarter compared with the year before, according to Trax, a
subsidiary of MarketAxess Holdings Inc.
The slowdown in client activity and regulatory pressures have
also forced rivals such as Deutsche Bank AG and Credit Suisse to
shrink their investment banks.
In the memo Tuesday, Mr. King said the division's third-quarter
results, announced in October, "further validate the strategic
choices we made last year but there is more to do." The investment
bank posted a 12% rise in pretax profit in the three months to
Sept. 30, to £ 317 million ($482 million) from £ 284 million.
Mr. Bagguley's previous role as head of macro products will be
jointly held by Rob Bogucki and Nat Tyce, co-heads of macro
trading, and Kashif Zafar, head of macro distribution, Mr. King
said.
Write to Margot Patrick at margot.patrick@wsj.com
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(END) Dow Jones Newswires
November 17, 2015 06:35 ET (11:35 GMT)
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