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Telefonica agrees to cut about 2,700 jobs in first quarter 2022 -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Security personnel pass a screen with the Spanish Telecom Company Telefonica logo at their headquarters in Madrid (Spain), May 12, 2021. REUTERS/Sergio Perez

MADRID (Reuters), – Spanish telecom giant Telefonica (NYSE ) announced Tuesday that it had reached an agreement in principle with the labour unions for approximately 2700 job cuts through voluntary redundancies.

Telefonica estimates that the job-cutting plans will bring in approximately 1.5 billion euro ($1.70billion) annually in 2021. The company also stated in filings to the stock exchange regulator, “The annual savings of the more than 230 millions euros per annum from 2023 forward”

($1 = 0.8826 euros)

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