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Article: Telefonica to cut 4,500 jobs. (Wireless News Review).
- Article from:
- MarketWatch: Wireless
- Article date:
- June 26, 2003
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The former Spanish incumbent Telefonica SA plans to axe 4,500 jobs in its domestic business, 11% of the unit's workforce. According to reports, Telefonica has met with Union officials and told them it plans to seek regulatory approval for the lay-offs.
The 4,500 positions will be lost through early retirements over the next two years. However, this figure could increase to 10,000 positions according to some union officials, and some Spanish newspapers have published unattributed reports that the figure could even rise to 14,000 jobs during the next three years.
Telefonica de Espana SA is a domestic fixed-line operator and the largest unit in the ...