Antony Jenkins had previously indicated that the SCM business would go or be scaled back, citing ending activities that could cause reputational damage.
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The SCM division had generated hundreds of millions of pounds in profit for the bank, though there were tax avoidance schemes that were devised by its structured capital markets business.
Jenkins said: "The old ways weren’t the right way to behave nor did they deliver the right results, for banks themselves or for wider society… banks that fail to change will become failing banks."
"However, 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," he was quoted as saying.
He further added that although the transactions were legal, they were incompatible with new tax principles which the bank is set to publish.
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By GlobalDataMeanwhile, Jenkins is expected to unveil plans to boost profitability by cutting some operations and slashing costs, which could see 2,000 investment bank jobs axed.
