On April 16, 2009, Rob Kapito went to the newly built Yankee Stadium, where the pride of New York was taking on the Cleveland Indians. The economy was in a shambles, after the US mortgage crisis had rocked the global financial system, and many Wall Streeters were desperate for distractions. But the balding former bond trader was not there to watch a game of baseball.

Kapito was on a secret mission that would not only transform the fortunes of his employer, investment group BlackRock, but change the face of the financial industry. Bob Diamond, the chief executive of Barclays Capital, was watching the game from his corporate box at the stadium, and Kapito needed an urgent, discreet chat with his old friend. So he scalped a ticket and made his way to the Bronx.

Financial Times