MADRID (dpa-AFX) - Spanish telecoms company Telefonica SA (TNE5.DE) reportedly plans to cut around 5,500 jobs as part of a sweeping cost-reduction program, according to Bloomberg.
The company said it has reached an agreement with Spanish trade unions on a voluntary departure plan, expected to cost about $2.9 billion and generate annual savings of more than $700 million.
Most of the job cuts will affect Spain, where Telefonica employs roughly 25,000 people. Employee exits are expected to begin early next year, with a positive impact on cash generation projected from 2026.
TNE5.DE closed Monday's trading at 3.4180 euros on the XETRA.
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