Barclays to close tax unit In addition to SCM, it is believed the axe may fall on Barclays" Asian equities business. On SCM, Mr Jenkins is expected to say on Tuesday: "There are some areas that relied on sophisticated and complex structures, where transactions were carried out with the primary objective of accessing the tax benefits. Although this was legal, going forward such activity is incompatible with our purpose. We will not engage in it again. As part of the decision, Barclays will publish a series of tax principles which it says it will adhere to. However, Mr Jenkins is expected to go on to say that Barclays will continue to provide non-controversial tax services as part of "real client transactions." The move will be seen as part of a major step-change from the previous era, which ended in the summer of 2012 after the bank was fined £290m by British and American regulators over Libor fixing. The scandal saw the resignation of Mr Diamond, chairman Marcus Agius, and chief operating officer Jerry del Missier within 24 hours. Sources indicated that Mr Jenkins intends to use Tuesday's event to signal a clear break from the past. As part of his speech, he is expected also to say: "We get it. The old ways weren't the right way to behave, nor did they deliver the right results - for banks themselves or for wider society. There must be a new approach for a new era of banking. Banks that fail to change will become failing banks. My message is that Barclays is changing. During a hearing of the Parliamentary Commission on Banking Standards last week, Mr Jenkins said that Barclays had an "aggressive" and "self-serving" culture under Mr Diamond. Writing in The Sunday Telegraph today, Mr Jenkins describes the process as "the most fundamental and complete review of any bank's operations" saying it will "show a clear path to a stronger Barclays." He sets out his commitment to a "universal bank" with a strong retail arm and a "high-quality investment bank."