https://coincodex.com/article/33980/att-layoffs-2023
"Between 2018 and January 2023, the number of employees at AT&T (NYSE:T) decreased from 268,220 to 160,070, a reduction of more than -40%. The massive reduction in the workforce mirrors a steep decline in net revenue, which dropped from $19.4 billion in 2018 to -$8.5 billion in 2022. In addition, AT&T’s earnings per share (EPS) have decreased for 9 consecutive quarters in a row, from $0.89 in Q2 2021 to $0.64 in Q3 2023.
Against the backdrop of poor business performance, the CEO of AT&T, John Stankey, announced in May that managers – about 60,000 in total – will have to return to their offices, following a period of remote work that started during the Covid pandemic. Meanwhile, as a part of a cost-cutting measure, the company slashed the total amount of offices managers can report to from 350 to just 9. That means that a lot of managers would have to face long commutes, relocate, or resign from their jobs.
Stankey said that the decision to cut the number of offices was reached to foster collaboration and “get the right people doing similar functions in the right places.” He also commented on the company’s massive reorganization plan, hinting that the management expects a lot of people to resign from their jobs.
According to Bloomberg, Stankey stated that about 15% of affected managers, or 9,000, would leave the company as a result of the return to office mandate. However, according to people within the company, the real scope of the mandate could lead to 25,000 managers leaving the company.
AT&T is looking to save $2 billion and increase employee revenue"
- How about replacing the C-suite and getting a CEO who knows what he/she is doing. Would result in MILLIONS saved and $2 billion per employee MUCH quicker than decimating the company ala 'Stankey Way'