Telefonica set to shed 5,000 jobs

Written by on September 10, 2019

Telecommunications company Telefonica is reported to be planning on cutting 5,000 jobs in the coming years through a voluntary retirement plan.

Negotiations between the company and unions have been ongoing recently, and Telefonica is set to present a formal proposal to unions today.

Shares in the multinational communications giant fell 0.7% yesterday as a result of the news.

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