Pros
The only positive thing about working at AT&T is the pay. Even the benefits have been dramatically scaled back over the past ten years, specifically annual bonus percentage, tuition reimbursement. Promotions are a joke unless you "know someone". Even if you work your tail off 10-12 hours per day, a promotion isn't guaranteed.
Cons
The only perks to working at AT&T are the employee discounts. People are promoted to "Director" levels and higher who have no business managing people. Layoffs occur in the fourth quarter every single year, so you have that cloud hanging over you every Q4. If you're in Business Marketing, you'll be forced to relocate to Dallas. If you refuse relocation, you have 60 days to find a new job inside the company or you're out the door. Promotional opportunities are almost nil. This company is about to lay off thousands of people. The "management team" in Dallas clearly doesn't give a damn about the employees anymore - it's that simple. Find a better place to work - where you'll be treated better. Employees here are treated poorly in the past few years, usually in the name of some form of cost cutting. Also, over the past 2 years, 90% of all jobs are either in Atlanta or Dallas. If you don't live in, or are willing to move to, one of those cities, your career at AT&T is likely toast. Senior management seems to have no clue that employee morale across the company is lousy.