Sprint announces string of job cuts to reduce costs

The nation’s third largest wireless provider recently kicked off a series of layoffs that are expected to continue through the month of October. In an SEC filing on the matter, Sprint described the job cuts as part of a workforce reduction plan designed to reduce costs and help the company become more competitive in the wireless industry.

Sprint Corp. said Friday that it would cut an unspecified number of management and nonmanagement jobs this month to reduce costs. The cuts come two months after Marcelo Claure started as chief executive, replacing Dan Hesse. Sprint is owned by Japan’s SoftBank Corp. The job reductions will result in a charge of about $160 million in the company’s September quarter for severance pay and related costs, according to a filing with the Securities and Exchange Commission. As of Dec. 31, the company had about 38,000 employees.