AT&T layoffs are on the horizon as the company looks to reduce its workforce.
Here’s what we know so far about the AT&T (NYSE:T) layoffs, as reported by Motherboard.
- Inside sources claim that the layoffs will be major and will hit several states.
- The states in the layoffs will include New York, California, Texas, New Jersey, Washington State, Colorado, Georgia, Illinois, Missouri, as well as Washington, D.C.
- This will be part of the company’s “geographic rationalization” effort to reduce its “surplus” of workers.
- AT&T has confirmed that it is planning layoffs, but hasn’t nailed down the finer details of them.
- The inside sources claim that the AT&T layoffs will be officially announced at the end of the month.
- It also looks like these layoffs will start then and will continue through the next few months.
- Managers at AT&T were only recently told about the layoffs in an effort to prepare for the changes.
- This information was sent to them through an internal memo from the company.
- The layoffs are a bit of a surprise considering that AT&T has been promising to reinvest in its business and create more jobs.
- They also come despite the company receiving some benefits, such as a $20 million tax break, under President Donald Trump’s new tax laws.
You can follow this link to learn more about the AT&T layoffs.
T stock was down 3% as of Wednesday afternoon.
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As of this writing, William White did not hold a position in any of the aforementioned securities.