Telefonica consider job cull

Telefonica has said it is considering cutting its workforce in Spain by 20 percent – around 6,400 people – over the next three years to slash costs.

The word came from an investors conference in London where the Spanish phone company said it believes growth in its Latin American division will make up for weakness in Europe.

Telefonica’s revenue in recession-hit Spain fell five percent last year.

The Spanish market share for Europe’s second- largest phone company has declined as customers looked to save on their mobile phone and internet bills by signing up with cheaper rivals.

Copyright © 2012 euronews