AT&T Corp. said it would take a $1 billion restructuring charge in the
fourth quarter as a result of massive job reductions, but the company added that
the layoffs would not affect its AT&T Broadband cable unit.
AT&T said the layoffs would affect about 10,000 employees, mainly in its
business-services, consumer and corporate divisions. About 5,100 of those
workers have already left their positions or received notice that their jobs
will be eliminated.
The company said in a prepared statement Friday that more than one-half of
the job reductions are management positions, adding that the rest of the layoffs
-- about 5,000 positions -- will occur in 2002.
Spokeswoman Eileen Connolly said AT&T Broadband would not be affected.
'This has nothing to do with Broadband,' she added
AT&T currently has about 120,000 employees.
AT&T Broadband agreed to a $72 billion merger with Comcast Corp. Dec. 19.
That deal is expected to close by the end of this year.
At the time of the merger announcement, AT&T Broadband had about 40,000
employees and Comcast had some 35,000.
In October, AT&T said it would take an unspecified fourth-quarter charge
as part of 'cost-control initiatives being undertaken largely within AT&T