More budget cuts coming in 2024 so more layoffs coming
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Nobody is safe. It’ll be spread like peanut butter.
Any clue when the other shoe will drop? Waiting on a call.
Please retire our facility engineer Ken, he’s useless.
Interesting how a new administration’s policies and leadership changes affects our economy. Prior admin. the GDP was rising more than predicted by experts, low inflation, low interest rates, markets were doing much better than expected, 401k’s were on a rocket trajectory, jobs were plentiful, companies massive hiring, lowest unemployment in 40-70 years and many other economic measures were having record breaking numbers.
Contrast to now, GDP in reverse, massive layoffs, inflation out of control on food, fuel, housing, etc.. interest rates rapidly rising, economy depressed overnight and the markets have taken a huge plunge along with Wall Street and everyone’s retirement accounts.
So in addition to what was mentioned above there were too many poor business decisions by AT&T leadership which resulted in 135 billion + debt. They now have this unsettled economy, higher interest rates on leveraged accounts to manage. It’s why the major focus is on cutting cost anyway possible so layoffs, hiring freezes, spending and capital reductions are the way forward. Not good!
This is all part of the plan for headcount reduction and meet their financial commitments to Wall Street investors since they missed their projections so badly last year. It was 2 billion in one quarter alone which they blamed on customers not paying their bills on time. The companies reaction was to freeze most hiring, stop most OT, speed up layoffs, restrict spending and capital outlay. That’s one of the reasons it’s been slow in most departments and as attrition happens employees aren’t being replaced.
Businesses are also very worried about this economy and recession as demonstrated by all the massive layoffs in many other companies. Huge inflationary numbers have taken a toll on the economy as evidenced by the current administration’s capitulation and now allowing oil drilling in new locations, which they stated they wouldn’t do prior to being elected.
Still putting fiber equipment in offices….but the fiber budget has been slashed by 40%. ASE orders are relatively few and light gig jobs have been halted.
The company is still spending money installing fiber equipment in the CO’s so they are planning for growth and transformation from copper.
already got some engineers last month. no fiber projects except for one small job in our entire state. kind of sad seeing all of the new isp's and cable companies installing fiber.
had 3 job offers already trying to hire me away from att. making about the same money and benefits too.
Read they exceeded their placement targets last year. Exceeding those types of targets are no longer a good thing.
I am a ATT retiree and work for a company that is a SVA for ATT. We do all the bore work and inner duct, fiber placement. Work compared to last year is way way down. Brakes have been put on for light gig projects. They cut 2 CFO’s already…engineers have to be next.
If all these statements are true, then why are there many national accounts keeping the BFS installers very busy? There is a lot of work coming down the pike and we are keeping very busy performing installations all over the place!
Engineers can easily be outsourced. There is no job that couldn’t be shipped to a contracting company.
projects are stalled and there are alot of engineers that do not have anything to do during this economic downturn.
O U C H! My boss told us we was safe. Engineers will be the last to go. Sounds like a bullie tactic by Stankey.
Duh…thanks Einstein