Business Services Industry
AT&T to Slash 40,000 Jobs; Virginia May Be Spared the Worst.(Originated from BY Michael Martz, Richmond Times-Dispatch, Va.)
Knight Ridder/Tribune Business News, January, 1996
Jan. 3--AT&T Corp. will prepare for a new era of competition in the communications industry by slashing 40,000 jobs in the next three years, beginning with 28,000 this year.
Yesterday's announcement, representing a cut of 13 percent in the company's work force of 300,000, took labor leaders by surprise and Wall Street investors by storm. The New Jersey-based company's stock rose $2.625 a share to $67.375.
AT&T plans to pay for the job cuts with money from a $6 billion pre-tax charge that will reduce earnings by $4 billion, or $2.50 a share, in the fourth quarter of 1995.
Robert E. Allen, chairman and chief executive officer, called the job cuts the "most difficult and painful step" in a sweeping plan announced on Sept. 20 to split the communications...
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