Market Chatter: Telefonica to Scale Back Spain Layoffs by Quarter

MT Newswires Live12-17

Telefonica (TEF) has presented a final proposal to cut over 4500 jobs across its several units in Spain, Reuters reported Wednesday, citing union representatives.

The proposal foresees 3,765 departures at Telefonica's core Spanish operations, alongside a further 599 cuts at its global business units and another 190 at its subscription TV service Movistar+, the report said, citing union UGT, whose representatives described the proposal as fully voluntary.

The revised plan represents a 25% reduction in estimated job cuts compared from the figure initially proposed by Telefonica at the start of negotiations with the unions, the report said.

Telefonica did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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