Sprint Nextel to Cut 8K Jobs

Struggling telco's CEO seeks suggestions for improvement

(NEWSER) - You won’t get Sprint Nextel CEO Dan Hesse if you email “Dan@Sprint.com,” but you will get the company’s attention, reports the New York Times. In an ad campaign designed to get Sprint in touch with its customers, Hesse asks “If you could change the way wireless companies did things, what would you do?” The address then appears on the screen. More»

Bank faces 'extremely challenging' conditions, CEO says

(NEWSER) - Citigroup plans to cut some 4,500 jobs—2% of its global workforce—in the coming months as it "faces an extremely challenging operating environment," CEO Vikram Pandit warns. Pandit, who has cut more than 100,000 jobs at Citi since taking charge in 2007, says regulatory changes and the euro zone crisis are among the factors forcing the company to cut costs as revenue slumps, Reuters reports. More»

It also aims to exit federal health, retirement plans

(NEWSER) - The US Postal Service is looking to cut 120,000 jobs—20% of its workforce—and pull its workers out of federal health and retirement plans, reports the Washington Post . USPS would replace those benefits plans with new ones of its own. The proposal, which would include layoffs currently banned by union contracts, requires the approval of Congress. “We will be insolvent next month due to significant declines in mail volume and retiree health benefit prefunding costs imposed by Congress,” the organization told employees. More»

But British bank hasn't said where

(NEWSER) - HSBC plans to cut some 30,000 jobs by 2013, shrinking its global workforce by 10%, the company says. As part of the plan, the British bank has cut 5,000 jobs this year, the AP reports. The firm didn’t say which countries would see cuts, though a rep noted that hiring continues in emerging markets like Brazil and Mexico. The announcement comes on the heels of news that pre-tax profits through June 30 are up 3% from the same six-month period last year. More»

The consensus: 'Ma Bell is back'

(NEWSER) - Reactions to the surprise AT&T-T-mobile merger are pouring in, and, not surprisingly, most conclude this isn't a good thing for consumers:

• The Bell telephone system—"aka AT&T"—was broken up in 1984 to increase competition, and the US telecommunications market was deregulated in 1996, again to increase competition. But this merger "effectively restores Ma Bell to her former girth yet allows the company to operate in a looser regulatory environment," writes David Lazarus in the Los Angeles Times . "Consumers might wonder if they've been played. ... Ma Bell is back," and the only thing left for federal regulators to do is instill "new rules that address the shortcomings of our failed experiment in deregulation."