Barclays to shut down tax advisory unit, trim headcount
- UK: Monday, February 11 - 2013 at 05:06
British lender Barclays has announced it is to close a profitable but controversial tax advisory business, as part of an attempt to clean up the bank's image, Reuters has reported. The bank's new chief executive Antony Jenkins, said the Structured Capital Markets (SCM) business unit will be closed. "The old ways weren't the right way to behave nor did they deliver the right results - for banks themselves or for wider society ... banks that fail to change will become failing banks," Jenkins says in the draft of a speech due to be delivered tomorrow, laying out his future strategy. SCM has long been controversial, but has delivered hundreds of millions of pounds in profits. Jenkins is also expected to unveil plans to boost profitability by cutting some operations and slashing costs, which could see 2,000 investment bank jobs axed.
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