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AT&T to Cut Workforce 120 Percent
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| Contributor | Servo |
| Last Edited | Servo Jan 23, 2004 01:37pm |
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| Category | Humor |
| News Date | Sunday, January 23, 2000 06:00:00 AM UTC0:0 |
| Description | AT&T will reduce its workforce by an unprecedented 120 percent by the end of 2001, believed to be the first time a major corporation has laid off more employees than it actually has.
AT&T stock soared more than 12 points on the news.
The reduction decision, announced Wednesday, came after a year-long internal review of cost-cutting procedures, said AT&T Chairman C. Michael Armstrong. The initial report concluded the company would save $1.2 billion by eliminating 20 percent of its 108,000 employees.
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