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Technology Stocks : AT&T -- Ignore unavailable to you. Want to Upgrade?

To: Ian@SI who wrote (1764)	12/28/1998 7:26:00 PM
From: Ian@SI	Read Replies (1) \| Respond to of 4298

Nice progress on its staffing reduction... ... with about $700M / annum moving toward the bottom line. Monday December 28 6:21 PM ET AT&T Says Job Cut Plan Comes Early NEW YORK (AP) - AT&T Corp. (NYSE:T - news) expects to reach its goal of trimming 18,000 jobs a full year ahead of schedule. When it announced the cutbacks in January of this year, AT&T said it expected to take two years to eliminate the 18,000 jobs. But due to the unexpectedly high number of managers accepting AT&T's early retirement package, the company now foresees meeting the goal by the end of this year. AT&T spokesman Burke Stinson said Monday the company has cut 16,000 jobs so far, and expects the final wave of early retirements to trim another 2,000 positions, bringing AT&T's total work force to 108,000. Stinson attributed the higher-than-expected rate of early retirements to the booming stock market, plentiful job opportunities and a strong retirement-incentive package, which included higher pensions and expanded eligibility for benefits. The company had expected to save $700 million this year as a result of work force reductions. It hasn't yet determined a new savings estimate. Stinson said additional job cuts may occur in 1999. ''We will continue to trim jobs in areas that aren't growing for AT&T - traditional voice and administrative work - and we'll continue to add jobs in the businesses that prove to be high growth for us, such as Internet wireless and so forth,'' he said. The company had foreseen 10,000 to 11,000 accepting the retirement package, but 15,300 ultimately chose to retire early, Stinson said.