Close Brothers has announced further cost-reduction measures aiming to achieve annual savings exceeding £60 million by the end of July next year. The financial services group reported a pre-tax operating loss of £60.3 million for the year ending July 31.

This follows a successful cost-cutting effort during the past financial year, in which the company reduced expenses by approximately £36 million—significantly surpassing its initial target of £25 million. The reductions came after the group revealed plans in March to eliminate 600 jobs and downsize its office footprint.

Close Brothers is focusing on increasing the deployment of artificial intelligence technologies as part of its strategy to lower costs and improve operational efficiency. The company’s additional savings target reflects a continued emphasis on restructuring and streamlining its business amid challenging market conditions.

The group did not provide detailed guidance on profitability for the upcoming year but highlighted cost management as a key priority to support future financial performance.