UPDATE: AT&T – Layoff Announcements and Management Severance

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AT&T spokesman Jim Greer says that the number of employees in the layoffs will be “small.” However, he doesn’t say how many layoffs that includes.  Is small 5% of total employees or is small 10% of total employees.  Although Layoffs are a mystery,  AT&T hiring is increasing in its faster growing units, reports Reuters.

What is interesting is recruiting and Layoff sites Thelayoff.com and Techstaffer.com report having huge increase in activity on topics surrounding AT&T Layoffs.  These sites, thelayoff.com, and Techstafferattribute website volume increase due to AT&T layoff announcements Sites Glassdoor and Motherboard also have reported news on AT&T layoffs.  Motherboard accessed an internal memo that stated:

  • The states in the layoffs will include New York, California, Texas, New Jersey, Washington State, Colorado, Atlanta, Georgia, Illinois, Missouri, as well as Washington, D.C.
  • This will be part of the company’s “geographic rationalization” effort to reduce its “surplus” of workers.
  • AT&T has confirmed that it is planning layoffs, but hasn’t nailed down the finer details of them.
  • AT&T layoffs will be officially announced today or Tuesday.
  • It also looks like these layoffs will start then and will continue through the next few months.
  • Managers at AT&T were  told last week about the layoffs and are preparing  for the changes.This information was sent to them through an internal memo from the company.

Although Greer states they will be “small”  there is a completely different take when discussing AT&T layoffs on TheLayoff.com.

I received a call this morning I am affected. Out by Feb 18 or I can take 60 days to find a new job.

“I’ll be honest – I still can’t wrap my head around who we lost. The best are gone. People we desperately needed to stay are gone. I could see shock and disbelief on some of their faces as they were notified which pretty much mirrored my own.”

“I got my walking paper today. Seems that no matter how well you do your job this one was based on seniority I was top performer in 2018 but I guess that doesn’t matter. In my group area managers and some directors got the boot.”

 

AT&T Packages  –  Verbal and written announcements came out on Monday and Tuesday

  • The news received this morning is that there will be a severance.
  • Need to be off payroll by Feb 18th or take the offered job(within 50 miles) in the next 60 days to receive severance. If you can not find a job you get severance
  • AT&T Severance is two weeks for every year of service.
  •  It is capped at 6 months pay
TRG 800-900-5867
Groups within AT&T mentioned to Techstaffer and on Thelayoff.com 

It seems that this means AT&T is cutting employees that are working in some of its weaker businesses. There’s still a lack of details about these AT&T layoffs. This includes not knowing what all units were hit and how many layoffs there were in total.

  • AT&T Technology and Operations
  • Mobility
  • Construction and Financing
  • Entertainment Group
  • Global Supply
  • Finance
  • DTV
  • CAD techs (150)

Fidelity Has Serious Issues

The consensus is that people retiring or being let go can NOT get accurate numbers from Fidelity.  According to Thelayoff.com numbers are inaccurate by up to 10% .  This means some people who have a lump sum can see errors up to 10%

  • “Fidelity is ZERO help”
  • “Fidelity is quoting the WRONG” interest rate  on for my lump sum”
  • “I called and I got a Voicemail and when they answered the kid sounded like he was 22 years old”

AT&T Overpaid Pensioners (See Techstaffer Article)

Thelayoff .com and WSJ both have articles on AT&T overpaying pensioners and now asking for their money back. The WSJ Story published a story on August 3 2018 stating AT&T is hiring collection agencies to collect from AT&T pensioners

Pension Plan Got Hit

On another front AT&T  Earnings according to the WSJ and thelayoff.com were negatively today due to stock market downturn affecting pension mark to market adjustments and their affect on earnings. See Techstaffer