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

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The UK banking group Close Brothers is to cut about 600 jobs and roll out the use of AI “at pace” after posting further losses amid a mounting compensation bill for the UK motor finance scandal.

The specialist lender said the cuts – nearly a quarter of its 2,600-strong workforce – would be made over the next 18 months across its teams in the UK and Ireland.