Barclays has promoted Mike Bagguley to the position of COO , who comes with a reputation for cutting costs ; he has already shaken up the bank 's currency , markets and rates business as head of finance by cutting as many as 20 % of the staff in some areas and cutting back the amount of capital consumed by the bank .
Barclays has promoted Mike Bagguley to the position of COO, who comes with a reputation for cutting costs; he has already shaken up the bank's currency, bond and rates business as head of macro by cutting as many as 20% of the jobs in some areas and slashing back the amount of capital consumed by the business.