Telefonica Aims to Cut 5,300 Jobs in Cost-Reduction Plan

Spain’s largest telecommunications operator Telefónica SA aims to cut at least 5,319 jobs as part of a sweeping cost-reduction plan, according to the company’s main workers’ union.

The cuts, affecting about a fifth of the carrier’s Spanish workforce, will apply to four Telefónica units in Spain, a spokesperson for the UGT union said, following talks with the company on Monday. Telefónica is set to hold meetings with three other subsidiaries on Tuesday and announce further job cuts, the spokesperson said.