Morning Business Report: Disney begins its largest round of layoffs
Disney is cutting off several thousand workers across the company this week in the second and largest wave of layoffs. The latest round of job cuts will impact ESPN, Disney’s entertainment division, Disney parks, and its Experiences and Product Division.
First Republic, the struggling regional bank, says deposits were down 41 percent in the first three months versus final stretch of 2022. Customers withdrew nearly 100 billion dollars. To stay afloat, the bank plans to cut between 20 and 25 percent of its workforce. Top execs will see a reduce in pay and the bank will give up some of its office space.
The NASDAQ closed lower Monday as investors prepare for big tech earnings.
Alphabet and Microsoft will report after the closing bell.
The DOW was higher.
A hiring slowdown may affect the market for teen jobs this summer, according to a new report from Challenger, Gray & Christmas. Teens who want to find work should be able to find positions in certain key sectors. Challenger says teens may have luck finding work in places like amusement parks, pools, restaurants and summer entertainment venues.
Subway sales soared in the first quarter of the year. The sandwich giant said sales grew by 12 percent, in part thanks to recent store revamp efforts. Digital sales grew about 20 percent, boosted by deals for app users.