Monday, January 6, 2003
AT&T Corp. said Monday it will slash 3,500 jobs in its business services division and take $1.5 billion in fourth-quarter charges, mainly to reflect losses on investments in its Latin America subsidiary.
AT&T had disclosed last month that it would be cutting jobs in the business division but had not revealed the number, which represents nearly 5 percent of the phone company's work force. AT&T will take a charge of $240 million, or 20 cents per share, in the fourth quarter to cover the costs associated with the cuts.
Slightly more than half of the employees affected are in management, the company said, and most of the cuts will happen in the first half of this year.
AT&T said it would take a $1.1 billion write-down on its Latin America investments, amounting to about $1.40 per share. AT&T said last year it would cut off its financial support of AT&T Latin America, which provides voice and data services, primarily to businesses.
By: DocMemory
Copyright © 2023 CST, Inc. All Rights Reserved
|
