One day after a famous short-seller said Close Brothers has “systematically misrepresented” the extent of its exposure to the car loan mis-selling scandal, the merchant bank said it would axe 600 jobs as it looks to cut costs.
Yesterday shares in the finance house tumbled 14 per cent on Monday after Viceroy Research, which has previously called out Wirecard and Home Reit, said Close would have to at least double its provision for the scandal, which could end up costing the car loan sector £10 billion, watchdogs estimate.
