AT&T (NYSE:T)
AT&T (NYSE:T) is shrinking its operations into fewer core locations and tightening its standards about a return to work, two steps that may increase the stress felt by certain managers located farther from the office. As a result, AT&T stock is trading in red today.
In an interview with Bloomberg, CEO John Stankey said that the firm is reducing its extensive presence into nine core locations, with its two primary hubs in Dallas and Atlanta.
And it will need more than 60,000 managers to show up at the office in person at least three days a week, beginning in July in those two hubs and by Labor Day in the other main locations (in Los Angeles; Seattle; Washington; San Ramon, Calif.; St. Louis; Middletown, N.J.; and Bedminster, N.J.). In addition, it would demand that the company move its headquarters to a new location in Bedminster, New Jersey.
Stankey predicts that some people will try to take advantage of the “generous” relocation services offered: Roughly 85% of those impacted reside close to one of the new core offices, while the other 15% are located farther away.
And you can say to them, “If they want to be a part of building a great culture and environment, they’ll come along on these adjustments and changes.” It’s possible that other people, given where they are in their lives, will conclude that they wish to go differently.
According to an interview with CNBC, AT&T CEO John Stankey predicted the company will be “down 15,000 employees from last year to this year when it’s all said and done.”
At lunchtime on Tuesday, AT&T stock was trading 1.8% down in a largely bearish day for the Communications sector.
Featured Image: Unsplash @ Brendan Stephens
