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AT&T To Lay Off 12,000 Workers

AT&T Inc. announced Thursday plans to slash some 12,000 jobs, or about 4 percent of the telecommunications giant's total workforce. The Dallas-based firm cited economic pressures, a changing business climate and a need to streamline its organizational structure as reasons for the layoffs. AT&T said it will absorb a $600 million, Q4 2008 charge-off in order to pay severance to affected employees. Despite the layoffs, AT&T said it expects to add jobs within its wireless, video and broadband business units.