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Barclays to axe tax arm and cut 2,000 jobs

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Barclays to axe tax arm and cut 2,000 jobs

Barclays is to shut down controversial tax arm Structured Capital Markets and cut around 2,000 investment banking jobs as part of a restructuring of the business, according to reports.

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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