Close Brothers to Cut 600 Jobs Amid Car Finance Scandal
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.
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Close Brothers banking group to cut 600 jobs amid cost of car finance scandal
Specialist lender’s shares plunge after short seller claims it will have to raise provision for compensation Business live – latest updates The banking group Close Brothers is to cut about 600 jobs and roll out the use of AI “at pace” after posting further losses in the face of a mounting compensation bill for the motor finance scandal. The specialist lender said the cuts – nearly a quarter of its 2,600-strong workforce – would be made over the next 18 months across its teams in the UK and...
By PA Media
Read full article →Close Brothers to cut hundreds of jobs amid criticism over car finance scandal payouts plan
A short seller has suggested they’ll need to pay out far more than the bank has initially flagged
By Simon English
Read full article →Coverage Timeline
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