Telefonica plans to cut 5,100 jobs in Spain by 2026

  • Stock Market News
Telefonica plans to cut 5,100 jobs in Spain by 2026
Credit: © Reuters.

Telefonica (NYSE: TEF ), Spain's leading telecommunications company, is in the process of negotiating with unions regarding a significant workforce reduction that could result in around 5,100 job cuts across Spain by 2026. This move comes as part of the company's cost-reduction efforts amid challenging market conditions.

The proposed layoffs would affect nearly one-third of Telefonica's workforce in Spain. A union spokesman from UGT revealed the potential job cuts, although there has been no official confirmation from Telefonica at this time. The discussions between the company and union representatives are focused on addressing what has been described as labor "adjustment" due to organizational and technical reasons.

Telefonica is facing intense competition within the telecommunications sector, alongside growing concerns from investors regarding its ability to maintain solvency amidst rising interest rates. The company's global workforce exceeds 103,000 employees, with operations spanning across 12 countries, including Brazil, Britain, and Germany.

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