Telefonica ‘to cut 2,500 more jobs’

Telefonica has reportedly told its unions it wants to cut another 2,500 jobs on top of the 6,000 redundancies already proposed.

The cuts would affect a quarter of the telecommunication firm’s staff in Spain and would be made over the next five years.

The Spanish government now has to approve the layoffs – which would all be voluntary. After that Telefonica’s management and its unions would have 30 days to agree on a final staff reduction plan.

Telefonica’s domestic business has suffered tough competition in a stagnant economy.

It posted a record net profit of 10.2 billion euros for 2010 as weakness in Spain was offset by strong growth in the rest of Europe and Latin America.

Copyright © 2012 euronews