Fresh from completing its joint venture with JP Morgan, Cazenove, the blue-blooded stockbroker to Queen Elizabeth, has commissioned an internal audit of its staff's ethnicity, possibly with a view to hiring people from different backgrounds.
Cazenove, which is renowned for its conservatism, has been said to refer to US bankers as "people with no shoelaces" and has been compared to the armed forces in its hierarchical approach to management.