Finance
Unions say Telefonica scales back Spain layoff plan by a quarter
Published by Global Banking and Finance Review
Posted on December 17, 2025
2 min readLast updated: January 20, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on December 17, 2025
2 min readLast updated: January 20, 2026
Telefonica reduces its layoff plan in Spain by 25%, aiming for 4,554 voluntary job cuts across various units, following union negotiations.
Dec 17 (Reuters) - Spain's Telefonica has presented a final proposal to cut more than 4,500 jobs across several units in Spain, union representatives said on Wednesday, describing the plan as fully voluntary following changes introduced during negotiations.
The proposal foresees 3,765 departures at Telefonica's core Spanish operations, alongside a further 599 cuts at its global business units and 190 at its subscription TV service Movistar+, bringing the total to 4,554, union UGT said.
A final meeting on Movistar+ is scheduled for Wednesday, the union added.
Main unions CCOO and UGT both said the reduction in minimum departures should allow the process to be carried out on a 100% voluntary basis, avoiding compulsory layoffs.
The revised proposal represents a reduction of about 25% from the number of job cuts initially put forward by the company at the start of negotiations.
Telefonica declined to comment.
The move comes as European telecom operators face years of stagnant growth and investor pressure to cut costs and prepare for consolidation.
Telefonica cut about 3,400 jobs last year as part of efforts to reduce expenses and shore up its balance sheet.
(Reporting by Jesús Calero; Editing by Louise Heavens)
A layoff is the termination of employees from their jobs, typically due to economic conditions or company restructuring. Layoffs can be temporary or permanent and may occur for various reasons, including cost-cutting measures.
A voluntary departure occurs when an employee chooses to leave their job, often in response to a company offer or incentive. This is different from a layoff, where the employer initiates the termination.
Corporate restructuring refers to the process of reorganizing a company's structure or operations to improve efficiency, reduce costs, or adapt to changing market conditions. This can involve layoffs, mergers, or changes in management.
Financial stability refers to a condition where a financial system operates effectively, with institutions able to withstand economic shocks. It is crucial for maintaining confidence in the economy and ensuring sustainable growth.
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