Congratulations AT&T, You Just Made 12,000 People Jobless! Happy Now?

It looks like that recession has become an excuse for companies to lay off people in any damn number. The other day Google laid off 10,000 people and Yahoo 2,000. It looks like that following its humble predecessor, AT&T also handed pink slips to 12,000 people, ie 4% staff across the world. The company further said that job cut is going to take place in December and throughout 2009. These layoffs come on top of 4,600 job cut that the company already announced in April. Although, they still claimed that they will also be hiring for Broadband and Cell Phone division for the year 2009.

Recession is not the only reason for downsizing. The future of telecom market is not also that good. AT&T, which provides local phone coverage in and 20 other states, noticed that many customers switched from landline phones to wireless services. In the last quarter, AT&T basic voice lines service dropped 11 percent. All of the affected workers will get severance pay as per company rule.

AT&T, whose shares are down about 30 percent this year while the Dow Jones industrial average is off 35 percent.

The situation has worsened so much that do you not know when the God will bless you in the morning and curse you in the afternoon. So better adjust yourself to live with this terror.

Source: CNN

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