Catherwood LibraryILR School

The telecom giant Telefonica plans to lay off 5,040 workers in Spain — roughly 20% of its workforce — as part of a cost-cutting strategy. Unions say the cuts would affect major divisions like Telefónica España and Telefónica Móviles, sparking fears of large-scale job losses and labor unrest. Such a large round of layoffs could trigger widespread industrial action and negotiations across Europe’s telecommunications sector. It also underscores growing pressure on companies to reduce costs amid uncertain macroeconomic conditions.