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Thursday Express: Dimon, Buffett urge execs to end quarterly earnings guidance

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Thursday Express: Dimon, Buffett urge execs to end quarterly earnings guidance

* The Consumer Financial Protection Bureau filed a joint motion to push back the implementation of its small-dollar lending rule until after it resolves its lawsuit with a payday lending industry group.

* Meanwhile, CFPB acting Director Mick Mulvaney has dismissed members of the agency's Consumer Advisory Board. The bureau said the move was part of an effort to improve external engagement.

* JPMorgan CEO Jamie Dimon and Berkshire Hathaway CEO Warren Buffett urged companies to move away from providing quarterly earnings guidance. "In our experience, quarterly earnings guidance often leads to an unhealthy focus on short-term profits at the expense of long-term strategy, growth and sustainability," the executives wrote in an op-ed piece in The Wall Street Journal.

* Goldman Sachs has teamed up with Immersive Labs to provide support to the global investment bank's cybersecurity team, the Financial Times reports.

* Bank of Nova Scotia is pulling back from metals financing while still trying to sell up to half of its ScotiaMocatta metals business, sources told Reuters.

* Summer Street Capital Partners has sold portfolio company Dwellworks to an undisclosed financial buyer.

* Cryptocurrency exchange Coinbase is acquiring Keystone Capital, Venovate Marketplace and Digital Wealth as part of its plan to operate as a broker/dealer.

* Broadridge Financial Solutions has acquired MackayWilliams, a specialist European fund market and research company.

* American International Group is planning to expand its life and retirement business overseas and would consider another multibillion-dollar deal, CEO Brian Duperreault told the FT.

* And in connection with their pending deal, Genworth Life Insurance and China Oceanwide Holdings will no longer unstack Genworth Life & Annuity Insurance as a Virginia-domiciled direct wholly owned unit of Genworth Life Insurance.

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