Sprint Nextel cuts 8,000 jobs

Sprint Nextel said Monday that it will cut 8,000 positions in a move to save $1.2 billion.

The layoffs, which include 850 positions due to voluntary separation packages, are expected to be completed by March 31. Sprint said that the cuts will "impact all levels of the company," but largely spare its customer-facing operations since it is trying to improve customer service.

The telecom company added that it will take a charge of more than $300 million in the first quarter and suspend 401(k) matches, salary increases and tuition reimbursement.

See company statement.