Close Brothers leans on AI as it halves its annual loss
The UK merchant bank reported a statutory pre-tax loss of £60.3 million for the year to July 31, down from £122.4 million a year earlier, after car finance redress provisions and restructuring costs. It delivered £36 million in annualised cost savings, ahead of a £25 million target, and says continued investment in AI and automation is central to more than £60 million of savings it expects in the coming year.
NoteClose Brothers is treating AI less as a product feature and more as a cost line: a lender still absorbing motor finance redress charges is betting that automation, not new business, gets it back to profit.
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