It's a bad news for the people working in Sprint Nextel Corp. that the Overland Park, Kansas based Telecommunications Company, on Monday, announced that it will lay off 15% of its workforce - which will include 8,000 jobs.

Sprint Nextel CEO Dan Hesse, in a memo to employees, said that the company decided to cut jobs under its cost-saving strategy - through the job cuts, the company intends to bring down internal and external labor costs.

According to the company, it was loosing customers in thousands, which hit it severely. The job cuts will help the company save $1.2 billion annually.

Currently having about 60,000 people working in it, Sprint Nextel, the 3rd largest wireless provider in the country, stated that the job cuts will affect all levels and various locations of the company.

Dan Hesse said, "Labor reductions are always the most difficult action to take, but many companies are finding it necessary in this environment." However, Hesse was not available for further comment.