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AT&T cutting jobs
Posted By: Foreclosure-Spot.com
Date: 4/18/08 at 10:09 a.m. EST
AT&T Inc. plans to eliminate about 4,600 jobs, about 1.6 percent of its work force, the company said Friday.
The San Antonio-based telecommunications company said in a regulatory filing it plans to take a $374 million first-quarter pretax charge against earnings related to the job cuts. Most reductions are being made at the management level, and the company said overall employment will remain steady in 2008 as it adds workers in "growth areas."
AT&T (NYSE: T) said the job reductions are the next step in streamlining the company's operations, particularly in non-customer-service positions such as telecom and corporate staff groups.
An AT&T spokeswoman said the company is not releasing a geographic breakdown of the job cuts. AT&T has its California and Nevada headquarters in San Ramon, and employs close to 5,000 people in Greater Sacramento.
AT&T had about 309,000 employees at the end of 2007.
The company in 2007 recorded $12 billion in profit on operating revenue of $118.9 billion.
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