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Barclays 'to close part of Structured Capital Markets division'

Barclays has decided to shut part of its Structured Capital Markets (SCM) division as it continues the process of recalibrating its business in the wake of the global financial slump.

That is according to a report from the BBC, which has indicated that a facet of the major British bank's restructuring plans - many of which will be made public when the lender releases its 2012 results tomorrow (12 February) - is to close down this area.

Part of the company's SCM division helps its clients avoid full taxation and new chief executive Antony Jenkins believes getting rid of this option represents an essential aspect of improving the financier's damaged reputation.

Public perception of Barclays has suffered in recent times due to the bank's involvement in a number of scandals, including the manipulation of the Libor rate - for which it was fined £290 million ($450 million) last summer - and the mis-selling of payment protection insurance.

By Gary Cooper