Summary:

AT&T (NYSE: T) is shedding 12,000 jobs, or 4 percent of its workforce, as it seeks to rein in costs in the face of the worsening economy. Wi…

AT&T (NYSE: T) is shedding 12,000 jobs, or 4 percent of its workforce, as it seeks to rein in costs in the face of the worsening economy. With the cuts starting this month and continuing into 2009, the carrier expects to take a $600 million charge on severance payments and other related costs. AT&T didn’t identify what areas would be weathering the layoffs, but it did say it would be staffing up in areas such as wireless, video and broadband, though it didn’t specify any numerical targets. Back in April, AT&T said it would cut 4,600 posts, mainly in management positions. At the time, the San Antonio telco said it expected to hire back that same number over the course of the year as it expanded wireless, TV and broadband and shifted resources from its landline business. Release

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