Asia-Pacific shares followed Wall Street lower on Tuesday as significant job cuts, such as Citigroup’s plans to shed of 52,000 positions, added to the bleak economic outlook.

The FTSE Asia Pacific index dropped 3.2 per cent to 149.73. Adding to the job loss woes, although on a much smaller scale compared with Citi, HSBC is planning on shaving 500 jobs in Asia. Shares dropped 3.6 per cent to HK$79.00.