Sprint To Chop 8,000 Jobs By March 31

Sprint Nextel (S) this morning said it will cut 8,000 jobs by March 31 as part of a program to internal and external labor costs by about $1.2 billion a year. The total includes 850 positions expected to be eliminated under a voluntary separation plan started late last year. Sprint said it will take a Q1 charge of more than $300 million for severance and related costs. Sprint also said it will suspends its 401(k) match for 2009, extend a 2008 suspension of salary increases through 2009 and suspend its tuition reimbursement program for 2009. Guess who won’t be making this year’s “Best Places To Work” list. The company also said it will release earnings February 19, a week earlier than previously planned. In pre-market trading, Sprint is down 3 cents at $2.43. (link)