A new round of AT&T layoffs has the company reducing its workforce in legacy units.
It seems that this means AT&T (NYSE:T) is cutting employees that are working in some of its weaker businesses. There’s still a lack of details about these AT&T layoffs. This includes not knowing what all units were hit and how many layoffs there were in total.
An official statement from AT&T spokesman Jim Greer says that the number of employees in the layoffs will be “small.” However, he doesn’t say how many layoffs that includes. It also looks like AT&T is planning to speed up hiring in some of its faster growing units, reports Reuters.
Here’s what some are saying about the AT&T layoffs on TheLayoff.com.
- “I received a call this morning. I am affected. Out by Feb 18 or I can take 60 days to find another job.”
- “A typical Fortune 100 corporation has a Price / Earnings ratio of 15 to 20. AT&T is selling for a third of that! Word has gotten out about what a poorly managed business this is.”
- “Even though my VP in CDO said 5-6% would be cut, haven’t heard of anyone being notified yesterday.”
- “I’ll be honest – I still can’t wrap my head around who we lost. The best are gone. People we desperately needed to stay are gone. I could see shock and disbelief on some of their faces as they were notified which pretty much mirrored my own.”
- “I got my walking paper today. Seems that no matter how well you do your job this one was based on seniority I was top performer in 2018 but I guess that doesn’t matter. In my group area managers and some directors got the boot.”
While we don’t know the finer details of the AT&T layoffs, we did know they were coming. A report earlier this month said as much and included information from an internal memo sent out to managers.
T stock was down earlier on Tuesday, but has mostly leveled off as of noon.
As of this writing, William White did not hold a position in any of the aforementioned securities.