Barclays set to close its tax advisory unit

Tim Wallace
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TAX advisory and agricultural commodities trading could be some of the business arms cut by Barclays in its impending shakeup of operations, as it tries to improve its reputation, investment bank boss Rich Ricci told MPs and peers yesterday.

And the senior banker also confirmed yesterday that five staff have been fired over the Libor fixing scandal, while another eight have been disciplined.

Ricci said the current review is designed to make sure no activities will embarrass the bank in future.

Separately Deutsche Bank said it could settle with regulators over Libor allegations.