Professional
Added to YB: 2026-03-19
Pitch date: 2026-03-16
CBG.L [bearish]
Close Brothers Group plc
Author Info
Viceroy Research is an independent investigative research group. Since 2016, we’ve published in-depth reports on companies around the world, identifying signs of financial misrepresentation, mismanagement, and corporate misconduct. Sign up for the newsletter.
Company Info
Close Brothers Group plc, a merchant banking company, engages in the provision of financial services to small businesses and individuals in the United Kingdom.
Market Cap
GBP 533.0M
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
N/A
P/E
-5.17
EV/Sales
N/A
Sector
Banks
Category
special_situation
Close Brothers – Commission Impossible
CBG.L (short): Viceroy estimates Close Brothers' motor finance redress exposure at £572m-£1,068m vs £300m provision. 93% of CBG's 2007-21 loans had DCAs (vs 61% peer avg). Each +£100m provision cuts CET1 ~100bps. Base case: CET1 breaches 9.7% minimum at £620m+ redress, triggering AT1 coupon suspension, Tier 2 risk, junk downgrades. FCA scheme final rules March 2026.
Read full article (17 min)