Close Brothers to cut 600 jobs amid warnings of ‘wipeout' from car finance scandal [Yahoo! Finance]
CLOSE BROS GRP UNSP/ADR (CBGPY)
NASDAQ:AMEX Investor Relations:
closebrothers.com/investor-relations
Company Research
Source: Yahoo! Finance
Close Brothers has unveiled plans to cut 600 jobs, less than 24 hours after a short-seller warned that the UK bank could face a £1.2bn hit from the car finance scandal Bosses revealed the planned redundancies in half-year results on Tuesday, claiming the cuts will save £85m by 2027 as the company relies increasingly on AI and offshoring. The latest update comes after shares in the merchant banking group fell by as much as 18pc on Monday in the wake of a short-sellers' report. Viceroy Research accused the company of having “substantially misrepresented” how much it will be forced to pay out to compensate drivers who were treated unfairly. Viceroy, which gained fame for its damning reports about collapsed German payment processor Wirecard , claimed its estimates showed the merchant bank will face redress payments of between £572m and £1.2bn. This would be significantly higher than its existing £300m provision. The short-seller warned that the payments would put Close Brothers
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