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The Independent UK

Simon English

Close Brothers to cut almost quarter of workforce in 18 months

Close Brothers Viceroy Research

Close Brothers announced plans to cut 600 jobs, nearly a quarter of its workforce, over the next 18 months as part of a cost-cutting drive.
This decision follows a report by short-seller Viceroy Research, which claimed the bank has "systematically misrepresented" its exposure to the car loan mis-selling scandal.
Viceroy Research estimates Close Brothers' potential payout for the scandal could range from £572m to £1.23bn, significantly higher than the bank's own £300m provision.
The Financial Conduct Authority (FCA) said payouts are due on around 14 million unfair car finance deals, averaging at about £700 each.
Close Brothers "strongly disagrees" with Viceroy's conclusions, saying its provisioning aligns with UK accounting standards and robust governance.

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Close Brothers to cut hundreds of jobs amid criticism over car finance scandal payouts plan

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