End of the line for 12,000 employees at AT&T

The American telecom giant AT&T is to lay off 12,000 employees, equivalent to four percent of its workforce, to cut costs. The jobs will be cut in the run-up to Christmas and into 2009. AT&T blamed “economic pressures, a changing business mix and a more streamlined organizational structure.” The company will have to set aside nearly 470 million euros from the fourth quarter of this year to meet redundancy payments.

tags: Corporate, USA