Latest rumor! AT&T can use this money to facilitate early retirement but cannot involuntarily surplus til March. I personally find this hard to believe but it did come from someone who is usually reliable.
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I don't believe that. There was a large cut at the Labs two weeks ago. 180 people in Mazin Gilbert's org.
WRONG....
AT&T did not take any money from the GOV for Covid relief....that's why they can layoff at any time. They begged banks for a $5.5M term loan to make it past Covid. But they are using Covid as an excuse to bypass the WARN Act, so no 60 day surplus notice.
The problem is you can't layoff enough people and move enough work offshore to make up for the terrible decisions that caused nearly $200M worth of debt!
I seriously don't know how they will create enough business to pay that huge debt off. Eventually Banks and investors will come calling when they realize our financial wizards are usually 5-7 years late to the party and those loans may never be fully paid back!
Our competition is only growing and getting starter, while we are losing market share and getting dumber.
Surplus management? Perhaps this applies to craft? Its been kinda quiet about the prem techs.
I think the way the evil overlords are getting around this is by staggering the layoffs, as we've seen so far.
There were a few in June. A few more in the beginning of July. A few more coming later this month, and so on.
By doing that they might be able to claim that according to the law they are not doing a single "mass" layoff. That might also explain how they can get around the WARN provision.
I wouldn't put anything pas those swine.
Hogwash, OP.
Actually, I could see this happening. Back in April of this year AT&T took out a $5.5 billion dollar loan, spread across several banks (https://www.reuters.com/article/us-at-t-debt/att-takes-on-5-5-billion-loan-to-boost-financial-flexibility-idUSKBN21P2I8). I am not sure if PPP (payroll protection plan) was part of this but the timing does make one wonder.
How do you explain the hundreds of surplus employees last week? Fake rumors need to stop.