Daily News: February 11, 2013

Barclays to Axe 2,000 Jobs in LIBOR Scandal Recovery Attempt

The Daily Mail reported that Barclays intends to close its tax avoidance unit and cut around 2,000 investment banking jobs in an attempt to move away from the bank’s involvement in the LIBOR-rigging scandal.

According to the report, Barclays conducted a review which broke the bank down into 75 business units and examined both their potential to generate sustainable profit and their ability to inflict reputational damage.

To read the Daily Mail article click here.