AT&T To Cut 12,000 Jobs

AT&T must be feeling the pinch of the current economic climate, as it’s gearing up to reduce its workforce by 12,000, which is about 4 percent of the company’s total workforce. Layoffs are never cheap, and AT&T will have to dish out around $600 million in Q4 of 2008 in order to pay severance to affected employees. While AT&T is reducing quite a few jobs, there are areas where it’s trying to increase its workforce, as it is adding jobs to its business such as wireless, video and broadband to meet customer demand.