AT&T to Cut 12,000 Jobs

By Allen Tsai | Thu Dec 04, 2008 7:43 am

AT&T today announced it would eliminate 12,000 jobs, or about 4 percent of its total workforce, to cope with an economic downturn that has exacerbated a decline in traditional phone sales.

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The Dallas, Texas-based company said it will cut the jobs in December and throughout 2009, and take a charge of about $600 million in this year's fourth quarter for severance.

The company attributed the job cuts to economic pressures, a changing business mix and a more streamlined organizational structure.

AT&T also plans to reduce its 2009 capital spending from this year's levels and actual spending plans are being finalized. AT&T said it would provide details in late January.

The move follows AT&T's April announcement of cutting 4,600 jobs, mostly in management, as well as a three-year plan disclosed at the end of last year to cut 10,000 jobs.

Posted In: AT&T (508) | Problems & Issues (600) | Reports (624)

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