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Today’s top headlines: Disney layoffs, First Citizens-SVB deal, CFTC sues Binance

Yahoo Finance Live anchors Dave Briggs and Seana Smith look back on several of today's leadings news stories.

Video transcript

SEANA SMITH: Well, it is closing time here at Yahoo Finance. Let's get you caught up on some of the biggest headlines of the day. Disney CEO Bob Iger saying in a memo this morning that the first of three rounds of job cuts before summer are going to begin this week. Now, the layoffs, which will amount to 7,000 jobs, when all is said and done, are part of the broader effort to reduce spending and free up cash flow.

DAVE BRIGGS: First Citizen Bank reaching a deal to purchase Silicon Valley Bridge Bank, renamed after the FDIC seized it on March 10. Shares of First Citizen skyrocketing on the news that it would be purchasing $72 billion in loans at a discount of 16 and 1/2 billion, as well as SVB's deposits totaling $56 billion.

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SEANA SMITH: Lastly, the CFTC is suing Binance and its founder over allegations that the company offered unregistered crypto derivatives in the US, knowing that it was against federal law. Now the lawsuit filed Monday in the northern district of Illinois alleges that Binance offered the products on cryptocurrencies, including Bitcoin, Ether, Litecoin, Tether, and the company's own tokens.

DAVE BRIGGS: All right, that will do it for Yahoo Finance Live today. Be sure to come back tomorrow 3 o'clock Eastern time for all your coverage leading up to and after the closing bell. We'll see you tomorrow.