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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era
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To: porcupine --''''> who wrote (1097)1/2/1999 11:39:00 PM
From: porcupine --''''>  Read Replies (1) of 1722
 
AT&T reiterates it is ahead of plan on job cuts

NEW YORK, Dec 29 (Reuters) - AT&T Corp. will have cut
18,000 jobs by the end of the year -- 12 months ahead of
schedule -- the No. 1 U.S. long distance phone company
reiterated on Tuesday.
AT&T in January announced plans to cut 18,000 jobs over two
years. But the telecom giant has said since June it was a full
year ahead of schedule since more employees than expected
jumped at the lucrative buyout offer.
AT&T reiterated it will have about 108,000 employees at
year-end, compared to 126,000 a year ago.
AT&T spokesman Burke Stinson said the company will add to
its total work force in in 1999 as it expands its Internet and
wireless businesses and moves into the cable television
industry through its planned acquisition of Tele-Communications
Inc.
AT&T also is in the process of hiring about 1,000 workers
to bolster its division that sells local telephone services to
businesses. Meanwhile, slower growing areas of the business,
such as the traditional long distance services, will see more
job cuts.
"The traditional businesses will continue to see job cuts,
but the faster areas of growth will see more jobs," Stinson
said.
AT&T declined to comment on its total headcount projections
for 1999.
AT&T's new Chairman C. Michael "Armstrong wants to grow
where it seems reasonable -- not just grow according to a set
plan," Stinson said.
(( Jessica Hall, New York newsroom 212-859-1729))
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