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AT&T to Cut 12,000 Workers

The Associated Press

NEW YORK -- AT&T (T Quote) says it is cutting 12,000 jobs, or about 4% of its work force, because of the economic downturn.

The Dallas-based telecommunications company said Thursday the job cuts will take place in December and throughout 2009.

The company also cited a changing business mix and a more streamlined structure as other reasons for the layoffs.

AT&T plans to take a charge of about $600 million in the fourth quarter to pay for severance costs.