Barclayswill take the axe to its tax structuring unit as the UK lender seeks to clean up its image in the wake of scandal.
The business, which at its peak may have generated as much as three-quarters of profits at the investment banking operation, will be shrunk dramatically as part of the bank’s Project Transform under new chief executive Antony Jenkins.
“We have to take a fresh look to see if there are products and services in which . . . we no longer deem it appropriate to do business, regardless of financial return,” Rich Ricci, Barclays investment banking chief, said yesterday in a speech to investors. “For example, elements of our tax advisory business have generated negative media and political attention.”
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