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Bank claim: Barclays to close tax advisory business

Barclays will close its controversial tax advisory unit, which the bank’s clients have been able to use to avoid tax.

Chief executive for Barclays, Antony Jenkins, is due to announce a series of measures that he hopes will help to improve the bank’s image as part of Barclays’ full year review on Tuesday.

Among the motions that Mr Jenkins hopes will improve Barclay’s reputation is the removal of the Structured Capital Markets (SCM) unit.

SCM previously helped to make large profits for the bank, generating high amounts of revenue for Barclays’ investment banking.

The transactions made by the SCM were legal but employed complex structures with the aim of getting tax benefits.

Barclays has been linked to a variety of scandals in recent times, such as Libor-fixing and payment protection insurance and interest rate swap mis-selling. Former chief executive Bob Diamond stepped down when the bank was investigated for its involvement in the Libor scandal.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801538228-ADNFCR

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