Barclays bank is to shut its controversial tax advice unit, chief executive Antony Jenkins confirmed today.
The bank will continue to help customers with their tax affairs, but it will cease to play a hand in aiding tax avoidance.
Last week, Lord Lawson accused Barclays of “large scale tax avoidance” at the Parliamentary Commission on Banking Standards.
At its peak, the unit reportedly accounted for most of the bank’s investment banking revenue. The unit will be cut as part of a wider strategic review of the bank, as Jenkins attempts to repair the damage done under former chief executive Bob Diamond's watch.
The bank also announced their strategic review today, under which 3,700 jobs will be cut, half of which from its investment bank.