- 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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