AT&T to lay-off one in four top executives

NEWS AT&T is to cut up to 25 per cent of its executive staff, according to a report in the Wall Street Journal Europe. The cuts are part of a programme to drive down costs, which was announced by Chairman Michael Armstrong last year. The report claims that job losses throughout the firm will run into the hundreds as AT&T tries to save $2bn by the end of the year. AT&T today dismissed the report as speculation, but agreed it is looking at ways to find $2bn in cost savings. AT&T also denied that a letter to employees from Eugene Lockhart, president of AT&T's consumer services division - referred to in the Wall Street Journal report - detailed any plans of job cuts.