Sprint to slash up to 2,500 jobs

Wireless provider is aiming to cut its labor costs by $350 million, on a yearly basis, as part of a widespread restructuring plan.

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NEW YORK (CNNMoney.com) -- Sprint Nextel Corp. said Monday that it plans to cut between 2,000 and 2,500 jobs as part of a restructuring plan aimed at reducing labor costs by at least $350 million, on an annual basis.

The third-largest wireless provider in the country said most of the positions will be eliminated by the end of this year. The job cuts will affect all levels of the company across all geographic locations.

Severance benefits and outplacement services for all impacted employees will result in a one-time charge of between $60 million and $80 million in the fourth quarter, Sprint said.

The job cuts are the latest action the company has taken to trim costs. Sprint slashed 8,000 poistion in the first quarter of 2009 in an effort to save $1.2 billion annually.

Sprint, based in Overland Park, Kan., has recently seen a higher level of customer satisfaction and "is taking this action in a careful manner to ensure that there is no impact on the improved customer experience," the company said in a statement.

Sprint (S, Fortune 500) shares fell 1.5% in after-hours trading. To top of page

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