AT&T lays off 12,000
The telecommunications giant cites economic pressures and a changing business mix in making a reduction of 4 percent of its workforce.
AT&T joined the long list of companies laying off workers, announcing on Thursday that it would eliminate 12,000 jobs, or roughly 4 percent of its workforce.
The company cited economic pressures and a changing business mix as the reasons behind the cuts.
AT&T also said it plans to reduce its 2009 capital expenditures from 2008 levels. The company said it would issue more specific financial guidance in January, when it announces its fourth-quarter results.
It did say, however, that as a result of the layoffs, it would take a charge of approximately $600 million in the fourth quarter of 2008 to pay severance to affected employees.
The cuts will begin in December and continue throughout 2009, AT&T said in a release.
The company said it is continuing to add positions in wireless, video, and broadband units to meet customer demand.