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Evening Standard
Evening Standard
Holly Williams

Close Brothers ramps up cost cutting after posting another loss

Close Brothers FCA
Lloyds Banking Group and Close Brothers have seen shares soar higher after Friday’s Supreme Court judgment ruled lenders were not liable for hidden commission payments in car finance schemes (Alamy/PA) -

Close Brothers has revealed plans to strip out more than another £60 million in annual costs amid plans to continue ramping up the use of artificial intelligence (AI).

The banking group said it cut annual costs by around £36 million in the year to July 31 – far more than the £25 million initial target – after announcing plans in March to cut 600 jobs and trim its office network.

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