Telefonica Considers Cutting 4,000-5,000 Jobs in Spain
MADRID (Reuters) - Spanish telecom company Telefonica is considering cutting about 4,000 to 5,000 jobs to reduce its structural costs and improve efficiency, news website El Confidencial reported on Monday citing unnamed financial sources.
The company cut about 3,400 jobs last year, a move that would reduce its costs by 285 million euros per year from 2025.
Since 2008, Telefonica has reduced its payroll by 20,000 jobs, El Confidencial said.
Automation and the withdrawal of the old copper network allow telecom companies to operate with much fewer staff.
Telefonica did not immediately respond to requests for comment.
(Reporting by Javi West Larrañaga, editing by Inti Landauro and Louise Heavens)
