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The Guardian - UK
The Guardian - UK
Business
Julia Kollewe and agencies

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

Close Brothers FCA
The Close Brothers Group logo on an LED screen in the background while a silhouetted person uses a smartphone
Close Brothers is to cut almost a quarter of its 2,600-strong workforce. Photograph: M4OS Photos/Alamy

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 – almost a quarter of its 2,600-strong workforce – would be made over the next 18 months across its teams in the UK and Ireland.

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