Close Brothers plans to cut about 600 jobs and implement AI following criticism over its proposed payouts plan related to a car finance scandal, with a short seller suggesting higher liabilities and causing shares to plunge.

Shares of Close Brothers plunged 14% after short seller Viceroy claimed the lender understated car finance risks and could be forced to raise provisions to as much as £1.23 billion.

It’s the third day of the 2026 Cheltenham Festival with Ireland holding an 8-6 lead over Britain in the Prestbury Cup.