Overland Park (KS) – Sprint Nextel Corp announced today it would cut 8,000 positions in Q1’2009 (before the end of March) in an effort to reduce costs by $1.2 billion annually.
About 850 reductions are voluntary, according to AP Digital. The company will also suspend its 401(k) matching policy for one year, extend its freeze on salary increases and is suspending a tuition reimbursement program. It will also take a $300 million charge for severance packages.
See the original AP Digital article republished on Yahoo Finance.