Telefonica to axe 3,400 as it targets new markets

Spain's Telefonica plans to lay off over 3,400 staff by 2025, as it aims to reduce costs and target newer markets in the cloud and at the edge.

The UGT union that represents staff at the national and international telco, said most of the cuts will take place in February 2024.

The company employs around 21,000 in Spain, with the total global headcount at over 103,000. The firm has so far not commented on the job losses.

The layoffs are part of a three-year strategic plan at the telco.

For those that remain at the company, the working week will be reduced to 36 hours in 2026, from the current 37.5 hours.