John Studzinski, who quit as HSBC's co-head of investment banking a year ago to join US private equity group The Blackstone Group, has donated a record-breaking £5m (€7.3m) to help fund the development of London's Tate Modern art gallery.

The donation by Studzinski, global head of corporate advisory at Blackstone who also worked for several years at Wall Street bank Morgan Stanley, is as recognised for his work as a philanthropist as he is for his financial deal-making.