Mike Bagguley is the new chief operating officer of the investment banking unit at Barclays. The step to appoint Bagguley to this position came as part of the plan by the bank to beef up its investment banking operations. Barclays was once booming with investment businesses but lost its way leading to a significant decline in investment banking operations. With the new appointment, Barclays is hoping to get operations back to normalcy; like it was during the past glory days. Before the promotion, Mike Bagguley was working as the head of macro markets division at the bank. He will be working under Tom King, the chief executive of the investment unit.
Mr. Bagguley was promoted after recording impressive results in his former position. He helped the bank reshape macro business in areas of interest rates, commodities products, and foreign exchange. These changes were necessary since the bank had to move with speed to implement measures that would get the bank back to profitability after suffering from tough regulations in the banking sector and a decline in trading revenue. From the statement released by the bank, Mike Baggley will be responsible for the coordination of projects in the investment unit.
The appointment of Mr. Bagguley came after a streak of changes in senior management of the bank. Earlier, Sir Gerry Grimstone was appointed as the deputy chairman. Grimstone is an experienced financial expert who has previously worked with financial group Schroders as the global vice-chairman of in-charge of investment activities. Other appointments have been made in the investment banking unit as Barclays shows commitment to re-position itself as a leading investment bank in the world.
Barclays’ senior management has full confidence in Mike Bagguley to accelerate delivery of the goals they have set to accomplish. Bagguley experience as a senior banker will help him put together key infrastructure to achieve growth within a short time.
Mike Bagguley has been at Barclays since 2001. His roles have mainly been around fixed income operations. He has previously been assigned duties in Johannesburg, Tokyo, London and New York. He finally joins the investment banking unit as the COO to replace Justin Bull who left in April.
Nexbank is a financial institution which is based in Dallas. It announced the completion of a $54 million private placement of fixed to floating rate notes to investors of high net worth. The company intends to use the money for corporate purposes. For five years, the notes are non-callable and are to mature on 30th September 2027. They have a fixed interest of 6.375% for five years after which it will be based on a floating rate spread above the three month LIBOR of 458.5 basic points.
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