A report from Business Insider says that managers throughout The Walt Disney Company are compiling lists of employees to fire as Disney CEO Bob Iger targets $5.5 billion of spending cuts across the board. The cuts, which should total about 7,000 jobs, will reach all business segments.

The layoffs will consist of roughly 4,000 employees and the rest of the cuts will reportedly come from open roles. Managers have been working on compiling lists for the past two weeks and they are due by the end of the month.

Layoffs are expected in the Parks division under Josh D’Amaro, but cutbacks are not expected for frontline workers. In the midst of these layoffs, Disney and the Service Trades Council Union will return to the negotiating table as the union pushes for an $18/hr minimum wage.

As always, keep checking back with us here at BlogMickey.com as we continue to bring you the latest news, photos, and info from around the Disney Parks!