Rich Ricci, head of corporate and investment banking at Barclays has said that the British bank will move away from the businesses that are inappropriate without taking fiscal gains into consideration.
UK's second-largest lender might cut its tax advisory business as a part f its review process as the bak aims at rebuilding its reputation as a trustable bank. Barclays is among the banks facing penalty charges over the Libor rate rigging scandal.
"We have to take a fresh look to see if there are products and services in which, given the changing environment, we no longer deem it appropriate to do business, regardless of the financial return," he said.
Antony Jenkins, the new chief executive of Barclays had earlier dismissed suggestions of a breakup of the bank but had indication that some business units will be made smaller. He pointed out that the bank will take quick and bold steps and some businesses would have to shrink.
He affirmed that he will change the culture of the bank, which was recently found to be involved in scandals linking to rigging of interest rates and misspelling. Robert Diamond had resigned from his post as the CEO at Barclays after the authorities announced an investigation into the interest rigging scandal involving the firm and several others.
Barclays has lost several top executives, $5 billion of market value and is facing a government inquiry in the case. The bank is now facing a fine of a record 290 million pounds in the case.