AT&T (NYSE:T) the American Telecoms giant announced today they will lay off 12,000 of its staff due to recent economic conditions. This equates to 4 percent of its total workforce losing their jobs.
AT T are also reducing its capital expenditures for 2009, full information on the reductions will be stated in the telecommunications companies Q4 earnings posted in late January.
$600 million will be allocated to pay severance pay to those members of staff affected by the job cuts. AT&T announced that they will continue to add jobs in other areas such as video and broadband and wireless.
The Dallas, Texas-based company had said that the cuts will take start in December and through 2009.
Source: bizjournals