Barclays tax avoidance division generated £1bn a year – Salz review
Barclays' controversial tax avoidance division generated revenue of more than a £1bn a year between 2007 and 2010, according to data published in a scathing review of the embattled bank's culture. The assessment by City lawyer Anthony Salz, commissioned by Barclays...produced data...showing that in the 11 years to 2011 the structured capital markets arm generated revenue of more than £9.5bn..."The new chief executive of Barclays, Antony Jenkins, has insisted the division is being shut down as he attempts to clean up the image of the bank. But Salz found that the 100 highly-paid bankers in SCM have been redeployed around the organisation, instead of being fired...The Salz review also sheds light on the amount of tax paid by Barclays in 2012. Just £82m in corporation tax was paid to the exchequer after top line profits of £7bn shrank to £246m, as a result of an accounting standard relating to how it values its own debt.