Telefonica agrees to cut about 2,700 jobs in first quarter 2022 By Reuters

December 28, 2021 admin Stock News 0

© Reuters. 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) – Spanish telecom group Telefonica (NYSE:) reached an agreement with its labour unions to cut about 2,700 jobs in early 2022 through voluntary redundancies, the company said on Tuesday.

The job cut plans will cost Telefonica about 1.5 billion euros ($1.70 billion) in 2021 and yield annual savings of more than 230 million euros from 2023 onwards, the company said in a filing to the stock market regulator.

($1 = 0.8826 euros)

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