Barclays Bank Considers Reduction of Tax Planning Unit Staff

Barclays Bank Considers Reduction of Tax Planning Unit Staff

The new chief executive of Barclays bank Antony Jenkins and the head of the banks’ investment department Rich Ricci expressed the intention to close down the bank’s tax planning unit.

Obviously that such intention appeared for the bank is looking for opportunity to refuse from the controversial tax planning operations that have led it to the conflict with the UK tax authority.

In February two tax avoidance schemes used by the bank were shut down by the Treasury. The bank’s reputation was damaged and now Barclays is looking for the ways to restore it, particularly with showing the government abandoned intent to use any further schemes.

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