AT&T announces 12,000 job cuts

DALLAS, Dec. 4 (UPI) -- U.S. corporate giant AT&T said Thursday it would trim its workforce about 4 percent, shedding approximately 12,000 jobs in response to a weaker economy.

A company statement also cited "a changing business mix and a more streamlined organizational structure," as reasons for the cuts.

Some areas of the telecommunications conglomerate, including video and broadband, were still adding employees, the statement said.

But the company said it would accept a $600 million charge in the fourth quarter based on severance pay for affected employees.

The brief statement said "many non-management employees effected by these reductions have a guaranteed job offer under union contracts."