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12/28/2021, 12:03 PM (Source: TeleTrader)
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Telefonica to lay off 2,700 employees in Q1 next year

Spanish telecoms provider Telefonica announced on Tuesday it has reached an agreement with labor unions to reduce the number of employees by around 2,700 in the first quarter of 2022.

In a stock market filing released today, Telefonica said that it would allocate €1.5 billion for the voluntary redundancies plan this year to reach annual savings of about €230 million starting from 2023.

Telefonica's shares registered slight gains at the Madrid stock exchange following the news.

Baha Breaking News (BBN) / ND