Disney to cut 7,000 employees

Walt Disney Co. has begun the first of what is expected to be 7,000 job cuts, a key part of a $5.5 billion savings drive the company announced in February.

The first group of employees will be notified over the next four days, Chief Executive Officer Bob Iger said in a memo to staff on Monday.

A second, larger round will happen in April, impacting several thousand workers. The last of the affected workers will receive notice before summer.

The cuts are expected to fall on all parts of the company, including theme parks and the ESPN sports networks.

Disney employed about 220,000 people worldwide as of Oct. 1. Approximately 25% are part-time or seasonal employees.

First Citizens acquires SVB

First Citizens Bank will acquire large portions of Silicon Valley Bank, roughly two weeks after the California lender’s collapse sent shudders though the global banking system.

The deal allows Raleigh-based First Citizens to acquire SVB deposits and loans, as well as a large portion of its assets, valued at $72 billion for a $16.5 billion discount, the Federal Deposit Insurance Corporation announced Sunday in a news release.

It also specifies that First Citizens and the government will share in any loan losses as part of the transaction.

From wire reports