The Walt Disney Co. will be laying off several thousand employees this week, a second round of cuts that's part of a previously announced plan to eliminate 7,000 jobs this year.
The latest employee releases will take place Monday through Thursday, according to Disney officials. The company will have reached approximately 4,000 job cuts when factoring in both the first and second rounds of layoffs.
The job eliminations are taking place across various business segments, including entertainment, ESPN, parks, experiences and products. The cuts are also occurring in various locations, including Burbank, California, New York and Connecticut. The company previously said that it doesn't expect the job cuts to impact hourly frontline operations roles at its parks and resorts.
Disney anticipates a third round of job cuts starting before the beginning of the summer in order to hit the 7,000 eliminations target.
Disney CEO Bob Iger had announced in February that the company was going to cut about 7,000 jobs as part of an ambitious companywide cost-savings plan and “strategic reorganization.” The job cuts amount to about 3% of the entertainment giant’s global workforce.
Disney has said that the job reductions are part of a targeted $5.5 billion cost savings across the Burbank-based company.
Shares of Disney dipped slightly in midday trading on Monday.
The U.S. economy grew at an unexpectedly brisk 3.3% annual pace from October through December as Americans showed a continued willingness to spend freely despite high interest rates and frustrating price levels.
Alan Becker, CEO and Investment Adviser Representative at Retirement Solutions Group and RSG Investments, shares his thoughts on the latest GDP data plus why he's not sold cryptocurrency as a long-term asset.
The Biden administration wants to ban another type of bank “junk fee," targeting fees that are typically charged by banks when a transaction is declined in real time.
Al Root, senior writer at Barron’s, breaks down everything expected from Tesla’s earnings report, from Elon Musk’s demands from the board to why the market has been looking for affordable EV options.
Online retailer eBay Inc. will cut about 1,000 jobs, or an estimated 9% of its full-time workforce. The announcement follows similar moves by other tech companies that ramped up hiring during the pandemic while people spent more time and money online.
Tony Drake, CFP at Drake and Associates, LLC shares thoughts on whether the record gains in technology will broaden to other sectors, the risks of the Fed keeping interest rates higher for too long, and the health of the U.S. consumer.
The Federal Trade Commission ruled that Intuit engaged in deceptive practices by running ads claiming consumers could file their taxes for free using TurboTax — when many taxpayers did not qualify for such free offerings.