Due to their new add campaign + some other things there is a $700m shortfall.
Legg said that because they insourced all the it contractors they are going to have to cut into the employees deep to make up the number. In the past they would have just cut the contractors.
First wave will be in March
Who told you all virtual workers will be sent letters?
It was asked if virtual workers would also be affected and the answer from the AVP was yes. Anthony virtual workers will be getting the “job offer” letter soon.
We cut a good portion of that $700M if we just fire the Stink.
Much more than that. Go read the 14A proxy statement on AT&T Investor Relations website. It's public information. Look under the Executive Compensation section. Besides their multi-million dollar salary, the stock options they get are obscene. Then there's the perks, like $50k golf club memberships, free cars, private security, etc.
Who told you all virtual workers will be sent letters? That nonsense will just not die on these threads.
This post and what Legg told his org matches what we heard in Anthony’s org yesterday.
This is going to be a big 10% cut.
All virtual workers will be sent letters.
Those who are not in hubs will be affected the most.
This is Wave 4.
All because Stankey keeps making promises to Wallstreet that he can’t keep without further destroying the company.
Make no mistake about it. This isn’t going to fix or help this company, it’s a fire sale and he’s selling everything just to keep the stock price afloat while he robs the shareholders blind.
The cuts need to happen equally at all levels. Yes there are too many leaders. There are also complete teams that are doing busy work or duplicative work. We have three times as many employees that are actually needed to run a commodity utility
“ We have plenty of workers that should be cut.”
Starting with the C suite…who steadily “work” at further enriching themselves (at the expense of real workers).
Has there ever been a time when layoffs weren't coming? My father in law (who started with Ameritech after retiring from the military at 48 after 30 yrs) actually sent me the listing for my job in 2001 and then he got laid off a year later. I feel like there was a good stretch at the beginning where things were ok but it has to be for the last 20 yrs that every few years there is a big cut and I would be nervous. Honestly, I'm surprised I made it to 23 years.
"They should cut everybody working from home first."
Okay, that's 10 of the 4500. Now who do we cut?
We cut a good portion of that $700M if we just fire the Stink.
first, terminate all who championed/supported "Guarantee" they are not qualified to work here
“My team has been cut 75% with no back fill, we are struggling to get the bare minimum done.”
You clearly have extra time to dedicate on this site. Why would backfills be needed? Get back to work.
We have plenty of workers that should be cut.
There are people who believed the guarantee would make AT&T look so appealing that we didn’t need to be all that aggressive with discounts and people would still flock to us. They were wrong. They forgot that we are ultimately a utility and price and offers still make the biggest difference.
That’s why we have more aggressive offers right now.
They should cut everybody working from home first.
My team has been cut 75% with no back fill, we are struggling to get the bare minimum done. All that is left are in hubs, so much for "collaboration"
The shortfall is from what they forecast, not that there’s a loss. Of course we can’t have them missing a rose colored forecast. Got to do those $10bn in buybacks to get that stock higher for exec bonus. Therefore, we will cut the office workers some more (is anybody left at this point?). Going to have to start cutting retail store, craft and execs. The office folks are barely hanging on as is. Now hearing of wave 4, core hours and more to get folks to quit and off payroll. This place is so poorly ran.
Happy to be one of the customers AT&T lost due to their horrible leadership. I hope the company chokes on the losses.
He-l, if they can pull $16B in cash flow out of their butts in a year, then $700M is child's play. All smoke and mirrors.
But if they're serious about cuts, it's going to need to start coming from craft and executive level. The other choice is to start witch hunting to fire people to avoid the paltry severance they pay management.
Headcount reduction? The stink is pleased.
“I am guessing that the high January disconnects Stank mentioned is expected to be a trend and not a one-time ocurrence.“
IF you are correct then the stock will tank after this is announced. It would be a significant credibility and trust issue for Wall Street since The Stank said Feb rebounded and March is tracking well (I’m paraphrasing).
4500-5700 employees to close a $700M gap
Not if you are Union protected
I am guessing that the high January disconnects Stank mentioned is expected to be a trend and not a one-time ocurrence. If you can't grow revenue then you have to cut expense. Stank has never show an ability to grow revenue.
The labor rate is lower in India, but the value su-ks because their quality is low and speed is slow. The rest of the industry realized this 15 years ago, but T leaders still haven’t figured that out.
There are ALWAYS layoffs coming.
When/where did he say this?
Some T, Tech M & Accenture US work is going to T in India (cheaper).
I assume that is the 2025 budget shortfall.
oOOOoooooooOOOOOOo how connnnnnveenient
Cutting deeper than what was already planned is comical. Not surprised though.
A lot of groups I interact with have lost a ton of people due to RTO attrition over the past 2 months. I imagine they’re not going to be backfilled.
They’re trying to make working here as miserable as possible.
We have a lot of pork in management to cut. Unfortunately, that will not be who is cut.
"At least this is coming after the bonus payout."
Everyone on the payroll on the last day of 2024 with a positive performance rating is entitled to the full bonus payout.
In other words, if you got laid off 1/2/25, you'd still get it. Folks laid off last year get prorated sums based on how much of the year they worked.
I am just repeating what was said on a call. One area I work with told me their shortfall was $100m, now it’s & $130m. The $700m will come out of the employees behinds.
Stock buybacks are a con to prop up a companies share price.
https://www.investopedia.com/articles/financial-advisors/121415/stock-buybacks-good-thing-or-not.asp
At least this is coming after the bonus payout.
Employee headcount will be cut and those cut will be asked to return as contractors.
So he’s claiming a 700M shortfall, but they’re going to buy 10B of the stock back. Pure genius!
AT&T (NYSE:T) has outlined its multi-year strategic growth plan during the Morgan Stanley Technology, Media & Telecom Conference. The company projects $50 billion+ in financial capacity over the next three years, with plans to return $40 billion+ to shareholders through dividends and share repurchases from 2025-2027.
The plan includes maintaining the current $1.11 per share annual dividend, totaling $20 billion+ in dividend payments, and approximately $20 billion in share repurchases. The company's Board has already authorized an initial $10 billion stock repurchase program expected to conclude by 2026, with an additional $10 billion planned for 2027.
AT&T expects to achieve its net leverage target of 2.5x in H1 2025 and forecasts wireless service growth in the higher end of 2-3% range, Mobility EBITDA growth in the higher end of 3-4% range, and consumer fiber broadband revenue growth in mid-teens for 2025.
How are they going to do a 40 Billion dollar stock buyback if there’s a 700M shortfall?
Shortfall my azz