BBC News, 9 February 2013
|Antony Jenkins announced a strategic|
review of operations in the light of
scandals at the bank
The bank will still help clients with their tax arrangements on transactions, but will not engage in activities where the main purpose is to avoid tax.
The move is part of a wide-ranging strategic review to be published on Tuesday.
Full-year results - expected to be strong - will also be published that same day.
Barclay's Structured Capital Markets business was widely regarded as its tax avoidance unit. It is thought to have saved the bank and its clients billions of pounds over the years.
But its closure, according to insiders, marks an important and significant break with the past, BBC industry correspondent John Moylan reports.
He says the move is the first tangible outcome of a long-awaited strategic review, called Transform, which was launched in the wake of a series of scandals, including the fixing of Libor rates.
On Tuesday Barclay's chief executive Antony Jenkins is expected to say that the bank is changing, that the old ways were not the right way to behave, and he will call for a new approach for a new era of banking.
Earlier this month Mr Jenkins waived his bonus for last year, saying it would be wrong for him to receive it, given what had been a "difficult" year for Barclays.
It is thought Mr Jenkins was in line to receive about £1m of a potential maximum entitlement of £2.75m.