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The Latest Breaking News from Close Brothers

Close Brothers banking group to cut 600 jobs and roll out AI ‘at pace’

Specialist lender’s shares plunge after short seller claims it will have to raise provision for car finance scandal

The Guardian - UK

Close Brothers to cut almost quarter of workforce in 18 months

IN FULL

The Independent UK

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

The Independent UK

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Close Brothers to cut almost quarter of workforce in wake of car finance scandal

The group will cut annual costs by about £85 million over the next 18 months.

Evening Standard

Close Brothers nearly doubles expected bill for car loan redress to £300m

The banking group told investors it was adding around £135 million to its existing £165 million provision.

Evening Standard

Lenders warn of bigger hit to finances from £11bn car loan compensation plan

Lloyds Banking Group and Close Brothers both said they were expecting to have to put aside more money to cover costs related to the mis-selling saga.

Evening Standard

Lloyds says it is facing greater hit than expected from car loan finance scandal

Banking group predicts bill will top £1.2bn it has set aside, as Close Brothers also says it expects to pay more

The Guardian - UK

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Shares in UK lenders rise after watchdog softens car loan compensation costs

Lloyds Banking Group, Close Brothers Group, and Barclays shares were all moving higher on Wednesday morning.

Evening Standard

Close Brothers slumps to loss amid write-downs and more compensation provisions

The firm revealed it tumbled to a pre-tax operating loss of £122.4 million for the year to July 31.

Evening Standard

Car loans: Why could drivers still get compensation after court ruling?

The UK’s financial regulator is to consult on consultation payments after a landmark court ruling on motor finance agreements.

Evening Standard

Major lenders see share prices surge after car finance mis-selling ruling

A court ruling means payouts will be at the lower end of initial estimates – though are still worth billions

The Independent UK

Shares in lenders soar after motor finance court ruling

Lloyds Banking Group and Close Brothers saw big share gains after the industry won a reprieve in the motor finance case before the UK’s highest court.

The Independent UK

Car finance scandal: shares in UK lenders jump after supreme court ruling

Lloyds and Close Brothers surge after Friday’s court decision slashed the expected bill for compensation on mis-sold loans

The Guardian - UK

Millions in line for payouts from £18bn car loan compensation scheme

City regulator says motorists should start to get payments in 2026 with ‘most payouts likely to be under £950’

The Guardian - UK

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The Guardian - UK

Car loan scandal: what the supreme court ruling means for UK motorists

Supreme court ruling ends 18-month saga over whether or not lenders hid finance commission rates

The Guardian - UK

Blow to consumers as supreme court hands partial win to car finance firms over loans

Millions of drivers to miss out on compensation after UK’s highest court sides with finance companies

The Independent UK

Car finance scandal live: Millions denied compensation payouts after Supreme Court ruling

Lenders have avoided potentially having to pay compensation to millions of drivers after the Supreme Court ruled that they are not liable

International Business Times UK

UK Car Finance Scandal: Supreme Court Ruling Could Lead to Billions in Claims — Are You Eligible?

The Supreme Court's car finance ruling on 1 August 2025 could trigger a £44bn compensation scheme for millions of UK motorists who were mis-sold hidden commission deals before 2021.

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The Independent UK

FTSE 100 takes breather ahead of tariff deadlines

For the week, the FTSE 100 rose 1.4%, hitting a new all-time high.

The Guardian - UK

Rachel Reeves considers overruling supreme court in £44bn car finance scandal

Exclusive: Chancellor could step in if justices uphold entirety of ruling over commission paid to brokers

The Guardian - UK

More than 23m Britons think they may be due compensation for mis-sold car loans, UK poll finds

Survey comes before supreme court decision on secret commission payments ruled unlawful by court of appeal

The Guardian - UK

About £1bn in car loan compensation at risk because data deleted, lawyers warn

Lenders’ routine purging after six years means details of some car buyers due compensation may have been lost

The Guardian - UK

Motor finance compensation ruling ‘goes too far’, says City regulator

Financial Conduct Authority tells supreme court the £44bn bill could spook businesses and threaten UK investment

The Guardian - UK

Banks aim to reverse crunch appeal court victory for car buyers

Fears of a £44bn compensation bill over dealer commissions has prompted a high-profile appeal, which will be heard this week

Evening Standard

FTSE 100 gains as US markets slump ahead of interest rate decisions

The Bank of England and the Federal Reserve are expected to hold interest rates at their respective decisions later this week.

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