Tullett remains silent on resurfacing race charges

A spokesperson said the firm does not comment on personnel issues, but confirmed the individual at the centre of the allegations no longer works at Tullett.

But Terry Smith, chief executive of Collins Stewart, the UK broker taking over Tullett, was not so tight-lipped. In an email sent to industry gossip website angrytowers.com, that had publicised the departure, he said: "A self-reducing cost base. It’s better than I thought!"

That comment will do little to rebut market perception that a

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