Telefonica reaches agreement to cut about 2,700 jobs in Spain


FILE PHOTO: Security guards walk past a screen displaying the logo of Spanish Telecom company Telefonica at its headquarters in Madrid, Spain, May 12, 2021. REUTERS/Sergio Perez

MADRID (Reuters) -Spain's Telefonica has reached an agreement with labour unions to cut some 15% of its domestic workforce via voluntary redundancies in a plan estimated to cost it 1.5 billion euros ($1.7 billion) this year, the telecoms group said on Tuesday.

The plan to cut around 2,700 jobs in an increasingly competitive market in early 2022 will yield annual savings of more than 230 million euros from 2023, Telefonica said in a filing to the stock market regulator.

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