View the article online at http://citywire.co.uk/new-model-adviser/article/a657931
Barclays to axe tax arm and cut 2,000 jobs
by Daniel Grote on Feb 11, 2013 at 07:28
The tax division was last year ordered by the Treasury to repay £500 million after structuring two ‘aggressive’ loopholes to avoid paying tax.
Barclays chief executive Antony Jenkins (pictured) will describe its activities as ‘legal’ but ‘incompatible with our purpose’, pledging ‘a new approach for a new era of banking’.
The cull of around 2,000 jobs will represent a nearly 10% reduction in staff for the bank’s 23,000-strong investment banking division.
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