The US telecommunications company, AT&T, has announced 12,000 job cuts, or 4% of its workforce, in an effort to significantly reduce costs.
The Texas-based firm cited economic pressures, a changing business environment and the need for a more efficient organisational structure.
AT&T said the staff cuts would start in December and would continue throughout 2009.
It also forecast a reduction in capital expenditures next year.
IN A STATEMENT, AT&T ADDED THAT, DESPITE THE CUTS, IT WOULD CONTINUE TO CREATE JOBS IN OTHER PARTS OF THE BUSINESS, SUCH AS WIRELESS, VIDEO AND BROADBAND. [emphasis added][MORE]