Barclays has beefed up its investment banking unit with the appointment of a new chief operating officer, as it bids to return the operation to its former glory days.
The bank has promoted Mike Bagguley from his role as the unit's head of macro markets to this new role with immediate effect. He will report to the investment bank's chief executive Tom King.
The move is the latest change at the top of the banking giant, which last month confirmed former JP Morgan banker Jes Staley as its new chief executive, replacing Antony Jenkins, in a move which analysts say signals a bid to strengthen its investment banking business.
Mr Bagguley had overseen the reduction and reshaping of the bank's macro business, which includes interest rates, foreign exchange and commodities products, as trading revenues across the industry have fallen and tougher regulation hit profitability.
Barclays said one of Mr Bagguley's duties will be to co-ordinate major projects across the investment bank.
Earlier this month the bank appointed Sir Gerry Grimstone as its deputy chairman, as the lender continues to grow its focus on investment banking.
Previously, Sir Gerry spent 13 years with financial group Schroders in London, Hong Kong and New York, and was vice-chairman of Schroders' worldwide investment banking activities.
Last month Barclays chairman John McFarlane said the "re-positioning" of its investment bank "is one of our major priorities".
Mr Jenkins was appointed in 2012 in the aftermath of the Libor rate-fixing scandal, and toned down the investment banking side of the business.
He came in with a mandate to steady the ship and restore confidence in the group, but the bank's board and its shareholders lost patience with his approach as shareholder returns have languished.
Mr Jenkins's pure-retail experience was also increasingly becoming a concern, given that investment banking had traditionally been a key profit driver for the group.
Barclays investment bank had been built up by its former American chief executive Bob Diamond, which made big returns but also engaged in riskier practices.
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