Diamond Exit Fells Last Pillar In London’s Gekko Generation

American Robert Diamond once mocked “Little England” regulators for failing to match his global ambitions. He sparked a power shift that cost him his job and changed the way the world’s top financial center is governed.

When Mervyn King and Adair Turner, the U.K.’s top two financial overseers, agreed to summon Barclays Plc (BARC)’s chairman to the Bank of England on July 2 and said they had lost confidence in Diamond, London’s best-known banker, they were making clear that the rules of the road had changed.

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