HSBC Troubled Retailer £50 million short
Marks & Spencer has warned that, because of poor Christmas trading, its annual profits would fall at least £50 million short of forecasts. HSBC announced that HSBC Finance Corporation, a subsidiary of HSBC would manage credit card operations for the troubled retailer. U.S. consumer advocacy organization Household - HSBC Watch said many troubled companies align their credit card operations with the questionable predatory lender to extract as much profit as possible while possibly sacrificing the credit worthiness and integrity of the consumer.
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