HSBC chief executive Noel Quinn is stepping down from the UK lender, announcing his plan to retire after steering the bank through a tumultuous period over the past five years. In a shock announcement, the bank said in a statement that it has kicked off a search for Quinn’s successor, and is considering both internal and external candidates.

A&O Shearman appointed Denise Gibson to lead the UK offices of the merged law firm. Magic Circle stalwart Allen & Overy and New York-headquartered law firm Shearman & Sterling joined forces on 1 May in one of the most significant legal tie-ups in decades, with Gibson tapped as UK managing partner.