Spain’s Telefonica to slash 3,421 jobs

Madrid: Spanish telecoms giant Telefonica said Wednesday it had reached a deal with unions to lay off up to one-fifth of its domestic workforce as part of its efforts to reduce costs.

The 3,421 job cuts are expected to take place during the first quarter of 2024 and will mainly involve employees who are 56 years or older in 2024 and have been with the company for at least 15 years, Telefonica said in a statement.