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To: NOW who wrote (168997)	12/4/2008 12:31:15 PM
From: DebtBomb	Respond to of 306849

Job cuts at AT&T, DuPont, Viacom, Credit Suisse Telecom to cut 12,000 jobs, while the investment bank will lose 5,300. The chemical maker plans to reduce payroll by 2,500. The entertainment company will drop 850 workers. By Aaron Smith, CNNMoney.com staff writer Last Updated: December 4, 2008: 11:27 AM ET NEW YORK (CNNMoney.com) -- The job market was dealt a savage blow on Thursday: AT&T Inc., DuPont Co., Viacom Inc. and Credit Suisse Group all said that they would cut a total of 20,650 staff jobs, blaming the weak economy. AT&T (T, Fortune 500), a Dallas-based telecom operator, said it would slash 12,000 jobs, totaling 4% of its workforce. AT&T attributed the staff cuts to "economic pressures, a changing business mix and a more streamlined organizational structure" in a news release. The telecom also said it would take a charge of $600 million in the fourth quarter to make severance payments. It said it would reduce its 2009 capital expenditures from its 2008 levels. Credit Suisse Group (CS) said it would cut 5,300 staff jobs, 11% of its worldwide work force, as part of a restructuring effort. The majority of the cuts would be to investment bank jobs, said Chief Executive Brady Dougan. In addition, the Zurich, Switzerland-based company said it would eliminate 1,200 contractor positions. DuPont (DD, Fortune 500), a chemical company based in Wilmington, Del., said it would cut 2,500 jobs. DuPont Chief Executive Charles Holliday said his company was making the cuts "in response to current market challenges" and to increase the company's competitiveness in the coming year. DuPont said it expected a loss of 60 cents to 70 cents per share for the fourth quarter, including an 40-cent-per-share charge from the company's restructuring plan. Going forward, the company expects full-year earnings to be $2.25 to $2.75 per share in 2009. Full-year earnings of $2.75 to $2.85 are expected for 2008, said DuPont, down from its previously announced range of $3.25 to $3.30 per share. Viacom Inc., (VIA) an entertainment company that includes MTV Networks and Paramount Pictures, said it would cut 850 jobs, or 7% of its workforce. Viacom Chief Executive Philippe Dauman said it was restructuring its company "to adapt to the challenges presented by the current economic environment." In addition to the job cuts, Viacom said it was suspending senior level management salary increases throughout 2009. The company expects the restructuring to result in pre-tax savings of $200 million to $250 million in 2009, but it will take a pre-tax charge of $400 million to $450 million in the fourth quarter of 2008, or 42 cents to 48 cents per diluted share. Credit Suisse stock jumped 5% on the news, while DuPont rose a fraction of a percent. Viacom stock fell 1%, and AT&T was flat. cnnmoney.printthis.clickability.com First Published: December 4, 2008: 8:23 AM ET