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Telefonica 'to cut 2,500 more jobs'

Telefonica 'to cut 2,500 more jobs'
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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.