Thread regarding AT&T layoffs

They're going to cut labor by 20%, then raise executive pay by 16%, for a total savings of 4%. And then they'll get a 10% bonus for that 4% savings....It's in the executive algorithm.

I guess cutting 4 pct does not mean making everyone take a 5 pct pay cut ... hypothetically speaking.

Amazing the amount of VPs, SVPs - that Dallas building sure is cash fat. Why do we need sooooo many, they're useless!

They're going to have to do 10% cuts to achieve 4% saving, since there are wage/salary increases, and soaring health care costs for the self-insured AT&T that constitute employee costs.

I think they'll have to do a lot better than 4% to satisfy activist investor Elliott management.

The company communicated 4% cost reduction overall, but that’s obviously an average. Many teams are cutting much deeper. I’m hearing 10% budget reduction next year for my team, which translates to a 10% reduction in headcount. Going to be another bloodbath, and will negatively impact operations for us.

Must be nice having an HR department working hard to give them a two digit salary raise each year.

Who is the new advisor Bill Murrow? Is he the architect of the employee cuts?

Maybe they will show real leadership and take massive salary & bonus cuts this next year. Offer to save some jobs until the new strategies they keep touting start having a positive effect on company earnings

Wow, glad to see the C-suite is stepping up. How many are leaving? Top 3 I hope

John Stankey, CEO of AT&T’s WarnerMedia who has dramatically reshaped the businesses of Time Warner, saw his total compensation package increase 64% last year, to a total of $16.6 million.

Meanwhile, AT&T chairman, president and CEO Randall Stephenson pulled in a pay package worth $29.1 million in 2018, up 1.4%. AT&T disclosed the compensation details in an SEC proxy statement filing Monday.

Among other senior AT&T execs, CFO John Stephens saw his total compensation rise to $15.6 million (up 13%) while AT&T Communications CEO John Donovan’s pay package declined 4%, to $14.6 million. General counsel David McAtee saw his comp more than double, to $12.85 million, in 2018.

Or Randy could just fire himself and save the company an enormous amount of poor leadership and bloated executive compensation.

Randy can reduce labor cost by 4% by outsourcing 50% of the employees.

They also indicate reduction in benefit cost so my bet is insurance cost go up and time off policy will be updated. Maybe stop pension contributions and move everyone to latest 401k program.

No VP’s will be cut! I would be a hardship for them to lose their free car, free car insurance, free gasoline, free phones, use of pcard for personal expenses!!

no way

Had ~280K employees not too long ago....now we're at ~252K and in decline-mode. U can do the math to see whats been happening here, its not growth

yes 4% is about 10,000 employees, but remember that most of these poor employees have families, children, mortgages, loans, etc... the impact is much much larger than just 10,000 people, unfortunately.

50% cut in DTV, especially the big head DTV VPs and SVPs who think they know it all in a declining business + fire the AT&T CEO, Stinkey and and all the leadership team. bring in a new young and talented leadership team to stop the bleeding and stupid acquisitions.
File lawsuit against CEO, Stinkey and his peers for mismanagement and fraud - jail them like Enron executives - they committed financial crimes using investors money and punishing hardworking AT&T employees and their families. Karma will get them.

4% of labor costs is not the same as 4% of the workforce which is how some are hoping that translates.

And they finally admit this now ?????

Cuts in ATO will be 20-25% between the mvo and involuntary.

Not enough took the MVO in ATO. Expect 10% layoffs in the very near future.

That’s 4% in labor cost. They won’t be cutting the big salaries, so far requires more than a 4% reduction in workforce.

really not as much as i thought it was going to be.

They need to cut hard on the unions, they are bloated and idle dead weight

4 percent would be approx 10,000 employees.