Barclays to close its tax avoidance unit

Barclays bank is to close its tax avoidance unit. The move is expected to be announced on Tuesday after the scandal-hit bank is due to deliver its annual profits and the long-awaited results of a strategic review.

The unit gave advice to large companies on how to avoid tax. It is thought new chief executive Antony Jenkins will reveal his plans to repair the bank's battered reputation and overhaul its culture and practices following a string of damaging scandals.

Banking giant Barclays is to close its tax avoidance unit. Credit: Dominic Lipinski/PA Wire