Telefonica to Take $3.2 Billion Charge for Jobs Cuts

  • Spanish carrier sees yearly savings of 370 million euros
  • Company signaled last year it was weighing staff reductions

Telefonica SA, Europe’s second-largest phone company, will offer employees early retirement in a plan that will cost 2.9 billion euros ($3.2 billion) upfront while saving money over the longer term as management seeks to reduce debt.

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