at t job cuts
AT&T Inc. on Friday said it plans to cut about 4,600 jobs, or 1.5 percent of its work force, to shift resources to growing parts of its business. [1]
“Even with the reductions announced today, we expect our head count overall to remain stable this year as we hire additional employees to support growth areas like wireless and TV,” said spokesman Michael Coe. [2]
When it announced the acquisition of BellSouth Corp. in 2006, it has said it would cut 10,000 jobs over three years from the combined company to eliminate overlap. [...] The San Antonio-based company said in a regulatory filing that it plans to take a $374 million first-quarter pretax charge against earnings due to the job cuts. [...] The nation’s largest telecommunications provider said most of the layoffs will be among managers, particularly in wireline operations, including local phone service and service for large corporate customers. [...] Despite the layoffs associated with the BellSouth acquisition, the combined work force grew by 7,000 last year, as the company built up its growing wireless and TV divisions even as land lines shrank in the face of competition from wireless and cable phone service. [3]
Its shares rose 20 cents to $37.77 in morning trading Friday. [1]
The company reports first-quarter earnings on Tuesday. [2]
Sources:
[1] cbs2chicago.com - AT&T To Cut 4,600 Jobs (cbs2chicago.com/business/
[2] kdka.com - AT&T To Cut 4,600 Jobs (kdka.com/business/
[3] wjz.com - AT&T To Cut 4,600 Jobs (wjz.com/business/