AT&T to cut 12,000 jobs
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.