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Thousands of job cuts: Telefónica lays off one-fourth of its labour in Spain

A picture shows the logo of Spanish multinational broadband and telecommunications company Telefonica in Madrid on August 23, 2018.
A picture shows the logo of Spanish multinational broadband and telecommunications company Telefonica in Madrid on August 23, 2018. Copyright GABRIEL BOUYS/AFP or licensors
Copyright GABRIEL BOUYS/AFP or licensors
By Euronews with Reuters
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The company told the unions about the plan as it attempts to curb spending.

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Telefónica has announced that it will cut around 5,100 jobs in Spain by 2026 to reduce costs and adapt the company's size to the current market, writes Reuters citing a UGT union spokesman.

The job cuts, revealed to unions on Monday, will affect all of the company's activities in Spain, another union source told AFP. They will be implemented gradually between now and 2026, according to the source.

Spain's largest telecom company employs about 21,000 people in its home country, while its global workforce is over 103,000.

The company said it based the decision on productivity, organisation and technical reasons, the union spokesman said. Layoff negotiations between Telefónica and the unions will now begin.

Telefónica confirmed the labour "adjustment" in a statement but declined to say how many jobs it intended to axe.

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