SFBT Thursday Digest: Profit boon for big banks; PayPal rival buys SF firm, says San Francisco Business Times

From San Francisco Business Times:

Good morning, Bay Area. Across the Pacific, LinkedIn said Thursday said it will decommission the localized version of its app in China and will instead launch a new job boards app called “InJobs” later this year as the company says it’s dealing with a challenging operating environment and heightened compliance requirements. Here at home, the Giants and Dodgers are set for one last dance tonight at Oracle Park for all the NL West marbles — and it’s worth a lot more than just bragging rights, as a Giants win could lead to a prolonged economic boost for the city. A lot is on the line, and ticket prices reflect that, with nosebleeds going in the hundreds and some premium seats trading in the thousands. Looking around the Bay Area, here’s what else is happening in local business news this chilly Thursday morning.

Wells Fargo & Co. (NYSE: WFC) showed a 59% year-over-year profit increase this quarter as the economy continues to rebound from the impacts of Covid-19. San Francisco-based Wells Fargo posted net income of $5.12 billion, or $1.17 per diluted share, in the third quarter. Read more here. Meanwhile, Bank of America Corp.s third-quarter profit also rose 58%, suggesting banks’ lending businesses are starting to improve from a pandemic slump.

Sen. Amy Klobuchar, D-Minn., said Thursday she will soon introduce an antitrust bill — the American Innovation and Choice Online Act — which takes aim at Big Tech by prohibiting dominant online platforms from engaging in discriminatory behavior. The bill would have major implications for companies like Amazon, Apple (Nasdaq: AAPL) and Google (Nasdaq: GOOGL) which all run their own marketplaces for products or information. Those companies have been accused of ranking their own products higher than their rivals to generate more profits. (CNBC)

Parents, teachers and students gathered Wednesday at a Hayward elementary school to protest its potential closure under a plan that the district says will address dropping enrollment and a $14 million budget shortfall. Glassbrook Elementary — which is more than 70% Spanish-speaking and serves many immigrant families from Central America and refugees from Afghanistan — was one of several on a list for possible closures. (San Francisco Chronicle)

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