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.
St. Joe Company is one of the largest real estate organizations in Florida. The company was established with a primary purpose of transforming the real estate development in the Panama City Beach. In the recent past Kerrisdale Capital which is a privately owned investment firm published a report which was negative talking about their position in the Florida based real estate company; St. Joe Company. According to Kerrisdale, it is not possible for St. Joe to develop their land irrespective of their $1 billion valuations. The remaining land is located in a swampy environment, bare and remote area.
St. Joe Company has been selling more than 400k square meters commercial space as well as 2700 space for developing residential homes every five years. According to the report, it means that the Florida based development firm will be the top selling real estate firm in the United States of America. This is just a report, in reality, St. Joe Company has been having less advancement in the market. Kerrisdale carried out the research and they came out with the results which indicated that St. Joe has no records when it came to fillings of permits, constructions as well as other processes. According to Sahm Adrangi individuals as well as organizations who invested in St. Joe and have been waiting for long should be ready to wait longer because according to him the construction and development company continues to struggle and their lands which were practicable are no longer executable.
Sahm Adrangi is the Chief Investment Officer and the Founder of Kerrisdale Capital Management. The company which is a privately owned investment firm was established in 2009, and ever since the creation of the firm Sahm Adrangi has been active in the management of the organization. The group has tremendously expanded. Mr. Sahm established the firm with $1 million and in 2017 the firm’s capital was $150 million. Sahm Adrangi does not only own and manages the company, but he is also an author who sells and publishes research. Mr. Adrangi has taken the step of sharing his studies on Kerrisdale’s website. Sahm Adrangi is also a motivational speaker who began his career serving at Deutsche Bank as a credit officer. He is a graduate of Yale University where he studied and graduated with a Bachelors of Arts in Economics.
Founded in 2006, GreenSky Credit is an Atlanta-based Financial Technology firm that provides credit programs as well as technology to banks and merchants that provides loans to their consumers. Bloomberg reports that services include: same day funding for submitted invoices, account management, collections management, invoice verification, credit services, and online transaction management.
Forbes met with GreenSky’s CEO, David Zalik, to learn first-hand of Zalik’s background and path to success. Forbes reports that GreenSky is ranked third in value as a fintech company, with the CEO landing at billionaire status. Zalik shares the success behind his unique business model in which home remodel contractors are the consumers reached through the company’s sales team pitching their user-friendly mobile device apps. Zalik found an opportunity in this market where GreenSky provides easily accessible and quickly-delivered loans for average scoring FICO consumers.
Between the banks and contractor deals, GreenSky Credit’s model allows the company to profit on both sides of the deal. GreenSky Credit serves as a modern-day middleman and is not constrained by defaults.
Forbes continues to share the story of the businessman who built the company. Zalik’s family moved from Israel to Alabama when he was just 4 years old. He scored exceptionally high on the SATs and enrolled in college classes at age 16. During his college education, Zalik established his first company called Microtech, where he had dropped out of college to focus on his company before selling the 20-person company for a few million dollars at age 22.
After being involved in starting two other companies that ultimately failed, Zalik continued on the challenging path to success even after establishing GreenSky Credit. He was determined through his efforts of begging contractors to a $200 Million deal falling apart, but success was found after many would have given up. With Nigel Morris’ partnership and investment in the company, GreenSky surged to unicorn status.