Barclays Chief Executive Jes Staley remains in control of Barclays’ business for the near future. Jes Staley knows the investment banking industry very well as someone whom previously worked at J.P. Morgan. Jes Staley’s tenure has included cutting jobs and leaving Brazil, Russia, and some parts of Asia. Jes Staley also stopped the equity and precious metal trading business of the bank. The aim was to bring the bank’s size down to keep the bank focused on North America and the UK.
All UK banks report directly to Staley, as he has been named the interim CEO of Barclays Corporate & International. The aim is to shield banking units to protect UK taxpayers. Mike Bagguley was also appointed as the Chief Operating Officer, whom was also previously the head of the macro markets business. Mike Bagguley is also overseeing interest rates, forex and commodities as regulation make parts of these businesses unprofitable.
Getting the strategy right is important because the business is very volatile to attention from investors and politicians. It is a difficult business to be in, because it is also subject to attention from a wide range of different interests.
Mike Bagguley is based in the UK, and is the current COO of Barclays bank. Prior to being the COO of the bank, he was Head of Macro Products Sales & Trading and markets at the investment bank. Mike Bagguley graduated from the University of Warwick in 1988 with a Bachelor of Science degree in Mathematics. His responsibility has been for strategic positioning and risk within Barclay Capital FX, with exposure to areas such as interest rate swap trading.
Client activity and regulatory pressures are what have caused a slowdown in banking activity in the UK and Europe. The previous role held by Mike Bagguley is being divided up by two people.