Spanish telecoms company Telefonica SA (TNE5.DE) reportedly plans to cut around 5,500 jobs as part of a sweeping cost-reduction program, according to Bloomberg.
The company said it has reached an agreement with Spanish trade unions on a voluntary departure plan, expected to cost about $2.9 billion and generate annual savings of more than $700 million.
Most of the job cuts will affect Spain, where Telefonica employs roughly 25,000 people. Employee exits are expected to begin early next year, with a positive impact on cash generation projected from 2026.
TNE5.DE closed Monday's trading at 3.4180 euros on the XETRA.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.