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Barclays to close tax advisory unit

British bank Barclays is planning to close a part of its Structured Capital Markets (SCM) business unit, despite its profitable operations.

Closure of the unit, which offers advices to larger companies on reducing their tax liabilities, will also help the bank to save operational costs and to boost its brand image after a series of scandals.

Scraping of the SCM division is also seen as a strategy of the lender to improve banking culture and ethical values as well as to revive financial performance.

Last year, the regulators imposed a monetary penalty of £290m ($450m) against Barclays over its involvement in the London Interbank rate fixing scandal.

Further, the bank provided approximately £3.5bn to cover possible payouts related to the mis-selling of payment protection insurance (PPI) and interest rate investment products.