AT&T to cut 12,000 jobs

AT&T to cut 12,000 jobs
AT&T has decided to cut 12,000 jobs because of the slowing economy. The lay offs will start to take place from 2008 and roll into 2009.

The No.1 phone company has stated that the 4% lay off of its workforce is also due to in part of 'a changing business mix and a more structural organizational structure'. With a decline in land line sales due to cheaper VOIP plans and customers switching from landlines to wireless services, AT&T's profit margin has also been hit by the subsidies given to users for the iPhones.

Ironically, the good news is that with the wireless industry growing, AT&T is hiring in the wireless sector.

The company is said to pay off $600 million in severance pay.

source: Yahoo

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