Telefónica is reportedly considering a major workforce reduction that could affect around 6,000 employees, according to industry sources. However, company representatives have clarified that “there is currently no formal redundancy plan (ERE) on the table”.

The potential adjustment aligns with the group’s ongoing efforts to simplify its organisational structure and optimise resources — goals reiterated last April by Telefónica’s chairman, Marc Murtra. The company confirmed that it is “analysing all areas of the organisation” as part of a broad internal review.

According to El Economista, the potential cost of this restructuring could amount to €2.3 billion, based on the financial conditions of the 2024 redundancy plan.

Telefónica’s business review, launched earlier this year, is expected to culminate in the presentation of a new strategic plan on November 4th. The process reportedly includes an assessment of all possible options, ranging from corporate operations to adjustments in current structures.

The company last carried out a workforce reduction on January 3, 2024, following agreements reached on December 21st 2023. That plan affected 3,400 employees across Telefónica’s three main Spanish subsidiaries — Telefónica de España, Telefónica Móviles, and Telefónica Soluciones — as well as the group’s new collective bargaining agreement, according to union sources.

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Tags: spain, telefonica