During a time when Barclay’s was experiencing tremendous growth, they chose to promote Mike Bagguley to a new role in the banking unit. The banking unit wasn’t getting much attention as the company became more focused on credit, but appointing Mr. Bagguley as the new CEO of this unit, the company was expecting a big change in a positive way. The goal was to return the unit to what many referred to as, “the glory days”. Barclays had been competitive and hopeful as they focused on opening up various avenues of business. His experience prior to the promotion was his time spent working in macro markets, otherwise known as the focus on society itself and the economy within every city and state. What was the bigger purpose for the promotion of Mike Bagguley?
Barclay’s was already placing their focus on strengthening their arms for investment banking. The purpose of their intent to promote Mr. Bagguley was to take his training and insight from macro markets and use it to guide the company into greater success by applying it to areas of importance like interest rates, trading revenues, and commodities. With the economy in a sour position, it was critical for the bank to ensure that they had a strategy for growth with investment banking.
Additionally, Mike Bagguley will be able to take on more duties across the bank, and help build the bank for the future. Barclay’s needed a simple turnaround, and it’s one that during his career, he has been instrumental in achieving. Coordinating major projects within the bank will help not only in appointing more solid leadership within Barclay’s, but it will also aid in building another strong future once those individuals retire.
Mike Bagguley has worked within various positions for many years with Barclay’s and will continue to do so as the bank grows.