As an AT&T employee being affected by this layoff, I feel betrayed after so many years at AT&T. Upper management talk about the employees and the engagement of each individual to bring AT&T into a new vision for 2020. They say they value each of us, but at the end of the day, it is a business and they will always take the side of the stock holder to reflect the best stock price possible at the expense of its work force. This is definitely a blood bath and my hopes of retiring from such a prestigious company may be cut short on July 31. Interestingly enough, contractors and interns are not affected, only employees that have been around anywhere from 2 to 30+ years. I have lost all respect for the management team and I hope that they only go after parts of the business that are in fact not profitable. The news reports are unfortunately not providing the truth based on the lies they are being told by AT&T management. This is affecting every part of the company at this time.
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ATT? I call them Devil corp, they care nothing for their employees.
My unit has been told that at least 5% of us will be gone. The foreign employees are exempted from this because "their work rules don't permit it." Of course, it's just a coincidence that that those workers are paid less. AT&T used to be a great place to work, but they have turned into a company that is happy to kick older workers who have spent careers making them money to the curb like garbage as we approach retirement.
Nice - Send American jobs overseas and then cut American workers because you can't get rid of the overseas workers when you downsize.
ATT have taken the low road and choose to squeeze workers by cutting benefits and aggressively fighting to drive down wages, and eliminating US jobs for a while now, companies can choose to pay workers more and innovate in other ways.
Agree 100% - after fifteen years of seeing all they have done to customers and employees I honestly think if the DirrctTV deal does not go thru their days are numbered.
Why is AT&T so keen to buy its way into growth? Because no matter how much blood the company tries to squeeze from its customers and employees, the stock can’t break out of the flatline it’s been in for a while. AT&T’s stock has risen less than 10% in the past two years. The S&P 500, during the same period, has risen more than four times as much.
but there is a long way to go with businesses that are providing slow growth, therefore deep job cuts will continue, for those that expect to retire, rethink your position.
Given the low growth mix of AT&T’s businesses, challenging competitive environment and declining margins and cash flow in its existing operations, I believe that the company may be hard pressed to achieve the leverage reduction goal. With respect to DTV, they are paying a very high price for cash flow to replace declines in cash flow in their other businesses.
Their credit rating is in danger, acquisitions of DirecTV and Iusacell. In addition, 3B investment in Mexico, especially since America Movil will be shedding assets. The much-needed spectrum comes at a steep cost too. The substantial spending commitments are likely to boost leverage considerably. Hefty dividend payouts will increase with the issuance of new shares to fund the DTV transaction. Meanwhile, price wars continue in the industry.
AT&T (T) successfully sold $17.5 billion worth of bonds Late April, It was the third largest corporate debt offering, behind a $49 billion deal by Verizon Communications (VZ) in 2013 and a $21 billion bond sale from Actavis Plc (ACT) in early March, future does not look too good for a company that lost it's identity.