Spanish telecom giant: 5,000 jobs to be lost

This means a cut of around a fifth of the Spanish operator's workforce.

The announcement applies to Telefónica's three Spanish units, according to a spokesperson for the UGT union who met with company management on Monday.

Meetings with four subsidiaries are scheduled for Tuesday, and announcements about further cuts are expected then.

The steel bath is being launched after chairman Marc Murtra said earlier in November that operating costs must be reduced after the free cash flow forecast was lowered and the dividend for this year was halved.

As recently as 2023, Telefónica – which has 80,000 employees globally – carried out a major cutback in Spain, where over 3,400 employees had to leave.