The Digester

Specialist lender will cut nearly 24% of staff over 18 months, increase cost saving targets and speed up AI use while provisioning about £300m for the UK motor finance compensation scandal.

Close Brothers will cut about 600 jobs, almost a quarter of its 2,600 workforce, over the next 18 months.
The bank says it will deploy automation and artificial intelligence at pace to reduce costs and improve customer experience.
It raised cost saving targets to £25m for the year to September and plans a further £60m of savings next financial year, a year earlier than planned.
The group reported a pre-tax operating loss of £65.5m for the six months to 31 March.
Close Brothers added another £135m provision for the car loans mis-selling saga, bringing total provisions to about £300m.
The Financial Conduct Authority will publish final plans for its redress scheme for affected drivers by the end of this month.
Shares slumped 14% then a further 9.7% after short seller Viceroy Research said provisions may need to be doubled to between £572m and £1.07bn, a claim Close Brothers disputes.
The lender has sold Winterflood and its asset management businesses as it seeks to shore up its balance sheet.

Close Brothers to cut about 600 jobs and accelerate AI rollout

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