LONDON—Barclays PLC on Tuesday took further action to reshape its investment bank by naming macro markets head Mike Bagguley as chief operating officer of the unit.

Mr. Bagguley, a 14-year Barclays veteran, will take a key role in accelerating the continuing restructuring, reporting to investment bank Chief Executive Tom King, according to an internal memo reviewed by The Wall Street Journal.

Barclays has been cutting staff and exiting businesses in its investment bank to adapt to increased regulation and changes in investor activity. The group's new CEO, Jes Staley, has pledged to speed up an overhaul centered around the division and its fixed income, currencies and commodities, or FICC, business.

Mr. Bagguley told The Wall Street Journal last month that "the old FICC models no longer work" because of higher capital requirements imposed by global banking regulators. Across the industry, European fixed-income trading volumes dropped 24% in the third quarter compared with the year before, according to Trax, a subsidiary of MarketAxess Holdings Inc.

The slowdown in client activity and regulatory pressures have also forced rivals such as Deutsche Bank AG and Credit Suisse to shrink their investment banks.

In the memo Tuesday, Mr. King said the division's third-quarter results, announced in October, "further validate the strategic choices we made last year but there is more to do." The investment bank posted a 12% rise in pretax profit in the three months to Sept. 30, to £ 317 million ($482 million) from £ 284 million.

Mr. Bagguley's previous role as head of macro products will be jointly held by Rob Bogucki and Nat Tyce, co-heads of macro trading, and Kashif Zafar, head of macro distribution, Mr. King said.

Write to Margot Patrick at margot.patrick@wsj.com

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(END) Dow Jones Newswires

November 17, 2015 06:35 ET (11:35 GMT)

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