Thread regarding AT&T layoffs

AT&T Layoffs 2023: Telecom Giant Has Terminated Over 100,000 Jobs in 5 Years, New Cuts On the Way

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'
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| 3062 views | | 23 replies (last December 15, 2023) | Reply
Post ID: @OP+1pOb4cnW

23 replies (most recent on top)

Many of us were remote pre-Covid. I was a remote worker for 18 years. My entire group was eliminated and our jobs were outsourced. This will continue to happen into next year.

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Post ID: @hylm+1pOb4cnW

every company does this. u look at nvda/msft/amzn. god this forum is filled with useless topics everyday, level 0 employees or fired 1A id--ts that have nothing else to do than go here and spam

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Post ID: @3zqv+1pOb4cnW

maybe they bought dtv to take them down with them

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Post ID: @3uft+1pOb4cnW

The Article is a bit misleading. Head count and revenue was going to go down due to divesting all those parts of the business. To know where we stand for sure, we need to know head counts and revenue pre Directv and WB buys.

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Post ID: @2clr+1pOb4cnW

History repeating itself, went through it with the real AT&T (not knockoff SW Bell) in the 1980's & 1990's.

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Post ID: @2rxm+1pOb4cnW

Make no mistake….the cr00ked BoD is totally complicit in this (intentional) destruction.

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Post ID: @1ukz+1pOb4cnW

Stankey knows arrogance, incompetence,idiocy , debt, layoffs and negative shareholder value

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Post ID: @1uil+1pOb4cnW

The Stank created many problems and destruction over the years. The devastation started with the Strategic EVP / COO reign (lost track of reorgs). Yet he is there 'fixing' the problems ? His tenure is one of worst in corporate history. Never should have been promoted 2 rungs let alone to the top. HOLE KEEPS GETTING DEEPER. Where is the BOD?

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Post ID: @1dhx+1pOb4cnW

I know all kinds of people in the Southeast not included in the nine. Were they exempt? Especially the contractors.

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Post ID: @1nfj+1pOb4cnW

AT&T has the MOST expensive executives in ANY business.

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Post ID: @1arz+1pOb4cnW

This is not new news. Leadership has been very transparent that HC will be less than 100K by EOY 2025. A decision was made just to be a service provider (wireless & fiber) has impacts.

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Post ID: @1xjj+1pOb4cnW

Down to 9??? There’s people all over the place outside the 9…. What’s up with that?

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Post ID: @1teu+1pOb4cnW

For the majority of this number of jobs in this post, they spun off or sold the businesses containing the jobs, but the jobs continue under the new management or owner.

There is a big difference between a spin off and a layoff.

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Post ID: @1yiu+1pOb4cnW

“ this is a way way way WORSE way of doing workplace reductions.”

You people don’t understand. A company has 2 choices to improve financial performance. Increase revenue or reduce expense. T has absolutely zero intellect left to increase revenue, so they continue to cut their way to profitability. It’s going to crash , and crash very hard for every employee sooner than later. Continue to ignore how sick this company is and you’re going to get caught scrambling to find a job. A smarter angle would be to plan your exit.

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Post ID: @bdd+1pOb4cnW

” Got rid of unneeded workers. Right sizing the company.”

This is how outsiders and investors view this but the reality is that cutting this way doesn’t get rid of unneeded workers, it gets rid of ones who won’t relocate. The Venn diagram of those groups is not the same, this is a way way way WORSE way of doing workplace reductions.

With a layoff managers could cut the bottom X% of performers and actually improve the company. With this, good people doing good work will be lost for no reason. This is really smooth brain stuff from leadership.

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Post ID: @sws+1pOb4cnW

Only 70k left to go….will be done by 2025.

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Post ID: @xdy+1pOb4cnW

9 offices? They blew off about 80% of this or didn’t do it yet. From my vantage point people did not move and did not RTO. No layoffs either. Granted this is just what I see I know others did not fair so well.

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Post ID: @qdm+1pOb4cnW

Got rid of unneeded workers. Right sizing the company.

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Post ID: @rwc+1pOb4cnW

If you take out all the stupid acquisitions that were made and then jettisoned, what are the numbers?

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Post ID: @vle+1pOb4cnW

“get the right people doing similar functions in the right places.”

Does anyone believe this?

It's a cover story for forcing a large layoff that's not subject to scrutiny. "We moved the work!" No, ya didn't, you just created constructive discharge conditions for thousands of now or soon-to-be former employees.

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Post ID: @har+1pOb4cnW

The only need is for the shareholders to get off their stupid @sses and vote out the BoD that keeps the Stink - then replace the Stink!

Nothing will improve until that occurs.

The Stink thinks he can get down to a head count of 1 - himself!

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Post ID: @ots+1pOb4cnW

T needs only about 60,000 employees only to keep up with operations and maintenance
100,000 more to go in the next 3 years

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Post ID: @uee+1pOb4cnW

This has been a good start.

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Post ID: @ixz+1pOb4cnW

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