Level 3 Will Cut 450 Jobs

The job news has been pretty brutal of late, and Level 3 Communications (LVLT) is the latest company to announce layoffs. The Denver-based  telecom and content delivery provider will cut 450 jobs, or about 8 percent of its workforce. The company said the cuts would occur before the end of the year and be made "across multiple levels in the organization and multiple locations in North America only."

Level 3 will take a restructuring charge of $12 million to $15 million in the fourth quarter 2008. For more analysis, see the summary at Telecom Ramblings.