Sprint Nextel on Monday announced plans to cut approximately 8,000 jobs through the first quarter, as the economic meltdown cuts into the telecommunications carrier's business.
In addition, Sprint plans to suspend its 401k match in 2009, as well as continue with its salary freeze for a second year. The telecommunications carrier's tuition reimbursement program will also be suspended this year.
The workforce reduction is expected to result in a $300 million charge in the first quarter for severance payouts, but also is anticipated to save the company $1.2 billion in annualized labor costs.
Sprint said the … Read more