Close Brothers restructuring savings expected to beat guidance

Close Brothers Group PLC (LSE:CBG) shares fell 1.5% to 452.9p despite the lender saying it expects cost savings and operating expenses to improve beyond previous guidance as restructuring measures accelerate. The merchant banking group said it now expects to exceed its target of about £25 million of annualised savings by the end of the 2026 financial year after bringing forward cost reduction measures, including outsourcing, offshoring and management simplification.