Monday, January 14, 2008

Sprint Plans to Cut Jobs

Sprint Nextel is preparing to cut thousands of jobs, according to the The Wall Street Journal.

The company's new CEO Dan Hesse is supposedly trying to show investors that he is serious about cutting costs, the newspaper's Web site reported late on Monday. A Sprint representative declined to comment on the story.

Exactly how many people could lose their jobs is not yet known. Last year the company cut about 5,000 jobs. At the end of the last quarter Sprint reported it had roughly 60,000 employees.

Sprint is the third largest cell phone company in the U.S. behind AT&T and Verizon Wireless. Investors have been unhappy with Sprint's performance for sometime, which actually led to the company's previous CEO, Gary Forsee being forced out in October. Hesse took over as CEO in December.

Read the entire article by Marguerite Reardon HERE.

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