Thousands go at AT&T

Years of heavy losses continue to darken the company's doorstep...

Hopes that the end of the disastrous Concert joint venture with BT will turn AT&T's fortunes around have proved vain as AT&T announces 5,000 extra job cuts. The cuts come on top of 5,000 job cuts announced at the end of last year. AT&T's workforce is currently around 12,000. The troubled American telco will also take a $1bn charge to its accounts, about a third of which is linked to the restructuring. Concert, AT&T's joint venture with BT, was scrapped in October after years of heavy losses.