Salem Radio Network News Tuesday, January 25, 2022

Science

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

MADRID (Reuters) – Spanish telecom group Telefonica 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)

(Reporting by Inti Landauro; Editing by Nathan Allen)

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