• Sprint Nextel this morning said it will cut 8,000 jobs by March 31 as part of a program to cut labor costs by $1.2 billion a year. Sprint will cough up more than $300 million for severance packages in next quarter’s earnings report.
  • And for the cherry on top, Sprint also said it will suspend its 401(k) match for 2009, extend a 2008 suspension of salary increases through 2009 and suspend its tuition reimbursement program for 2009. Some people are going to be hating those Dan Hesse commercials just that much more this year. Investors are pleased to see costs cut, as of 1pm EST, Sprint is up 2%.