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Wells Fargo to resume auto lending growth; First Midwest to close 19 branches

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Wells Fargo to resume auto lending growth; First Midwest to close 19 branches

After pulling back on auto lending in mid-2017, Wells Fargo & Co. intends to resume growing the business, President and CEO Timothy Sloan said in an interview on Bloomberg TV. Separately, Wells Fargo fired 22 sales employees in its foreign exchange business, a "person briefed on the matter" told Bloomberg News.

In other banking news, First Midwest Bancorp Inc.'s cost-cutting effort will see the closure of its 19 locations and the reduction of about 7% of its total workforce. The Chicago-based company expects recurring annual benefits from the cost reductions, specifically at $22 million in 2019 and rising to $27 million in 2021.

Los Angeles-based global investment bank Houlihan Lokey Inc. has acquired independent advisory firm BearTooth Advisors. Following the closing of the deal on May 21, the BearTooth team will form the Private Funds Group, a new service offering within Houlihan Lokey's corporate finance business.

New York-based private equity firm Warburg Pincus LLC has emerged as the front runner to acquire Legal & General Group PLC's 26% stake in IndiaFirst Life Insurance Co. Ltd., Mint reports, citing two people aware of the development. The deal value is expected to be around $150 million, subject to change.

Kabbage Inc. President Kathryn Petralia said that the Atlanta-based online lender will begin offering payment processing services by the end of 2018, Reuters reports.

In people news, Thomas Farley is stepping down as president of the New York Stock Exchange, The Wall Street Journal reports. COO Stacey Cunningham will succeed Farley, effective May 25, making her the bourse's first female president. Farley is leaving the exchange to lead Far Point, a special purpose acquisition company backed by activist hedge fund Third Point LLC, the publication adds, citing "people familiar with the situation."

U.S. and Canadian state and provincial regulators are cracking down on cryptocurrency frauds, according to the North American Securities Administrators Association. Since the beginning of May, Operation Cryptosweep resulted in about 70 inquiries and investigations and 35 pending or completed enforcement actions against fraudulent initial coin offerings and other cryptocurrency investment products.

And on Capitol Hill, the Senate Committee on Banking, Housing and Urban Affairs will meet in executive session at 10 a.m. ET today to consider the Foreign Investment Risk Review Modernization Act of 2017.

In other parts of the world

Asia Pacific: Warburg Pincus front-runner for IndiaFirst stake; ANZ postpones UDC Finance IPO

Europe: SFO charges vs. Barclays dismissed; Dubai bank to buy Sberbank's Turkish unit

Middle East & Africa: US funds vying for Abraaj unit; Ghana steps up bank consolidation efforts

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Nikkei 225 dropped 0.18% to 22,960.34.

In Europe, around midday, the FTSE 100 climbed 0.20% to 7,874.50, and the Euronext 100 gained 0.12% to 1,087.44.

On the macro front

The Redbook and the Federal Reserve Bank of Richmond manufacturing index are due out today.

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