AT&T cutting 3,400 jobs and it’s just the beginning

AT&T is notifying thousands of employees that their jobs are being eliminated as part of a $6 billion cost-cutting push, an attempt to slim down one of the most heavily indebted companies in the U.S.

The cuts follow through on a plan that Chief Executive Officer Randall Stephenson outlined in October when he said the company would remove “big chunks of costs” over two years.

“There will be targeted, but sizable reductions in our workforce across executives, managers and union-represented employees,” AT&T said in a statement Tuesday.