Telefonica plans to cut up to 4,000 jobs in H1 2022 by voluntary redundancy -source

Written by on November 11, 2021

November 11, 2021

By Clara-Laeila Laudette

MADRID (Reuters) – Spanish mobile and broadband operator Telefonica plans to cut at least 2,000 jobs and up to 4,000 through voluntary redundancy in the first half of 2022, a source with knowledge of the matter told Reuters on Thursday.

The debt-laden company is likely to start negotiations with unions on the job cuts by the end of November, the source said.

Europe’s third largest telecoms group, which is grappling with intense competition in an increasingly low-cost Spanish market, has been considering job cuts for months amid pressure from investors, the source said.

(Reporting by Clara-Laeila Laudette; editing by Aislinn Lang and Susan Fenton)

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