discloses that "efficient tax planning (will) remain important" to Barclays' work for clients.

Tax planning will remain an important element of the services Barclays offers to corporate clients despite its decision to close a controversial unit which generated vast profits for the bank, according to one of its most senior executives. An internal memo written yesterday by Eric Bommensath, the head of markets within Barclays' investment bank, said the group would be involved in "a narrower range" of tax-related activity than in the past but that "efficient tax planning remains an important part of financial transactions in complex global markets". The memo has been obtained by Sky News. Mr Bommensath's note followed the announcement by Antony Jenkins, Barclays' chief executive, that he would close the Structured Capital Markets (SCM) business, which had delivered bumper profits - and bonuses - but caused reputational damage to the bank by undertaking complex transactions purely to help clients avoid tax. Sky News revealed at the weekend that SCM would be closed........Read more here