AT&T takes $1 billion charge in Q4

AT&T takes $1 billion charge in Q4

AT&T will take a US$1 billion restructuring charge in its fourth quarter 2001, due primarily to the elimination of 10,000 jobs, the telecommunication company announced late Friday.

AT&T has already laid off 5,100 employees in 2001 and plans to eliminate around 5,000 additional jobs this year, mainly in its management divisions, the company said in a statement.

When the company released its third quarter results in October, it said it expected to take a restructuring charge in the fourth quarter in line with its cost-control initiatives, but at the time did not indicate how much that charge would be.

AT&T has been cutting costs in an attempt to reduce its debt, which stood at $36.5 billion as of September 30, 2001.

The company will release its full fourth quarter 2001 report at the end of the month, though the specific date has yet to be determined, AT&T said on its Web site.

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