HSBC tanks the most since 2017 after announcing a $7.2 billion overhaul charge (HSBC)

HSBC shares tumbled as much as 5.6% early Tuesday after the bank unveiled its third restructuring plan in a decade.
The overhaul looks to cut as many as 35,000 jobs by 2022 as well as halt share buyback programs planned for 2020 and 2021.
Restructuring costs are estimated to hit $6 billion, while asset disposal charges will total $1.2 billion through 2022, the bank said.
The bank also announced its fourth-quarter earnings on Tuesday, reporting a 33% drop in pre-tax profits year-over-year.
Watch