Telefónica to lose 14,000 staff over three years

20 Jun 2003

Spanish giant Telefónica [NYSE:TEF] has announced that it will lose 4,500 employees this year as a result of cuts designed to increase the telco’s competitiveness as it copes with the loss of fixed line market share. Although the figures are still in the preliminary stages, the company reports that up to 14,000 could be made redundant by mid-2006, with many taking voluntary and early retirement.