Barclays will take the axe to its controversial tax structuring unit, as the UK lender seeks to clean up its image in the wake of a succession of scandals. The business, which at its peak may have generated as much as three-quarters of profits at Barclays’ investment banking operation, will be shrunk dramatically as part of the bank’s Project Transform under new chief executive, Antony Jenkins. Barclays’ actions comes as global banks from Goldman Sachs to Deutsche Bank are reviewing their business models in response to new regulations and government enforcement efforts. “We have to take a fresh look to see if there are products and services in which…we no longer deem it appropriate to do business, regardless of financial return,” Rich Ricci, Barclays investment banking chief, said in an address to investors on Monday night… All activities would in future be “screened for reputational impact” as well as profitability, Mr Jenkins said. “Our ability to build a franchise over time depends on our reputation,” he added, admitting the bank had made some “serious mistakes” in recent years. [FT via HeidiMoore]
- 11 Sep 2012 at 1:33 PM
Popularized in films like Limitless, legal smart drugs called Nootropics are becoming more and more prevalent in board rooms and on Wall Street.Keep reading »
Keep reading »
It’s not just doctors and scientists that need STEM education. America’s shifting economy is demanding more trained workers in many different sectors. See how Travis Brooks got the hands-on education he needed to become a technician at the Chevron Pascagoula Refinery. Visit The Atlantic to learn more.
- Hedge Fund Manager Keeps A Detailed Record Of All The Asses He's Grabbed
- 10 Reasons Wall Street Is Using Smart Drugs Crush Work
- If You Stand Perfectly Still, Dan Loeb Cannot See You: Sony Execs
- Buy Anything With The Word ‘Cuba’ In It
- Bonus Watch '14: Citigroup
- Arizona State Now Has Multiple Business Schools To Choose From
- Janet Yellen Politely Asks Elizabeth Warren To Shove It
- Bonus Watch '14: Investment Analyst Turned Fantasy Sports Team General Manager
- Ex-Jefferies Exec Convicted Of Fraud Has Bone To Pick With The Guy Who Turned Him In
- Bill Ackman Just Can't Help Himself
- Executive Editor
- Bess Levin
How Can We Help You?
- Send tips to:
- For tech issues email:
- For advertising or events email:
- For research or custom solutions email:
- Dealbreaker is published by Breaking Media.
For a full list of our sites, services and staff visit breakingmedia.com