Telefónica to Cut Up to 5,040 Jobs in Spain Restructuring

Debt-laden Spain telecoms giant Telefónica will cut up to 5,040 jobs across three subsidiaries as part of a restructuring plan, the UGT union said Monday.

Source: Video Screenshot

Some 3,649 jobs would go at Telefónica España, 1,124 at Telefónica Móviles and 267 at Telefónica Soluciones, the union said in a statement.

Telefónica, which employs 100,000 people worldwide, is streamlining operations to focus on its core markets — Brazil, Germany, Spain and Britain — as part of a strategic shift to boost profitability.

Sources:

• UGT Union Official Statement
• Reuters – Original Report