Spain’s Telefonica to lay off more than 3,400 workers by 2025

Spanish telecoms group Telefonica will lay off more than 3,400 people by 2025 to reduce costs and adapt the company’s size to the current market, the country’s largest trade union UGT said on Thursday.

The layoffs will mostly occur in late February 2024, UGT added.

Labour groups said earlier in December that the firm was seeking to cut around 5,000 jobs, but after weeks of negotiations, the number has been reduced.