Debt-laden Spanish telecoms giant Telefonica will cut up to 5,040 jobs at three subsidiaries as part of a major restructuring, the UGT union said Monday.
Some 3,649 jobs would go at Telefonica Espana, 1,124 at Telefonica Moviles and 267 at Telefonica Soluciones, the union said in a statement.
A UGT representative told AFP the group would announce 279 more job cuts in its Movistar Plus+ division on Tuesday.
“UGT has demanded that any measure adopted be structured as a strictly voluntary process based on early retirements,” the statement added.
Telefonica declined to respond to an AFP request for comment.
Telefonica, 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.
The company booked a net loss of 1.08 billion euros ($1.2 billion) between January and September this year, weighed down by losses linked to asset sales in Latin America.
Telefonica has also said it will cut its dividend by half next year to 15 cents per share as part of effort to reduce its debt.
Add Comment