Barclays to shut 'tax avoidance' unit

Barclays is set to close its 'tax avoidance' unit and announce a series of job cuts in its annual results, according to reports.

Chief executive Antony Jenkins will deliver the outcome of the bank's strategic review, which aims to ethically overhaul its operations, shortly. He is expected to confirm part of the bank's structured capital markets unit is to close. The department has made huge profits advising large companies on how to lower their tax bills, the BBC reports. The Times reports some 2,000 jobs could be cut from the investment banking division as part of the drive to slash at least £2bn from its annual £20bn cost base.