HomeTechnologyTelefonica seeks to axe 5,100 jobs in Spain by 2026, says union

Telefonica seeks to axe 5,100 jobs in Spain by 2026, says union

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Spanish telecommunication large Telefonica seeks to chop practically 5,100 jobs in its residence market by 2026 – roughly one-third of its posts within the nation – a union supply stated on Monday.

The employees cuts, which had been introduced throughout a gathering between administration and unions, will have an effect on all areas of the debt-laden firm’s business in Spain, the supply informed Agence France Presse (AFP).

Spain’s largest telecoms firm employs about 16,500 folks in its residence nation, whereas its international workforce is over 100,000. It is current in 12 nations together with Brazil, Britain and Germany.

Contacted by AFP, Telefonica confirmed the labor “adjustment,” however declined to say what number of jobs it supposed to axe.

Several European telecoms companies, together with BT and Vodafone, have introduced job cuts this yr as they grappled with intense competitors in an more and more low-cost market.

Like most of its European friends, Telefonica is battling heavy debt ranges which have raised investor issues over its solvency on account of rising rates of interest.

To cut back its debt, the corporate has offered off property lately, together with its tower portfolio in Europe and Latin America to U.S. infrastructure specialist American Tower for 7.7 billion euros ($8.4 billion) in 2021.

Concerns over Telefonica’s money owed have contributed to a slide in its share value from practically 23 euros in 2007 to now simply over 4 euros. The firm posted a web revenue of two billion euros final yr.

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