HONG KONG -- Hong Kong-listed shares of HSBC Holdings closed 3.69% higher on Tuesday, marking their second biggest single-day percentage climb so far this year, after the bank unveiled pretax profits that beat estimates and announced plans to launch another $3 billion stock buyback.
Tuesday's announcement came after the bank revealed a restructuring plan last week aimed at improving efficiencies. Immediately after presenting the earnings figures, HSBC CEO Georges Elhedery emphasized that he "also wanted to be clear" that the plan "does not signal in any way preparation or intention to split the group."
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