Sprint also announces lay offs

It’s quite hard to come by nowadays with a way to produce a profit for Wall Street. Companies all over the world are figuring out ways to reduce cost, save money, and make a profit after all is said and done. Sprint Nextel announced today that it is cutting 8,000 jobs by the end of March to save the company $1.2 billion in annual labor costs. And it’s not just the little people that are getting the ax! Kathy Walker, Chief Information and Network Officer, will be one of the first Sprint executives to be terminated without cause. In addition, they are suspending pay increases and matching contributions to retirement funds as part of its cost savings effort. All in all, roughly $300 million dollars would be incurred for severance and related costs in the quarter. This news comes as a blow with only months before the Palm Pre is released to an anxious market. Everyone is trying to cut costs as much as possible; and Sprint is not prone to the global economic slump. They are following the lead that other major companies are doing in order to stay afloat in these troubling times.

source: Sprint