Spanish telecoms giant Telefónica is looking to cut 5,000 jobs in Spain.
Telefónica presented unions with the plan to cut jobs as it looks to cut costs and to consolidate its operations in four core markets – Spain, Germany, the UK, and Brazil.
The cuts will affect about a fifth of the carrier's Spanish workforce.
The plan to cut jobs was reported this week by The Financial Times and Bloomberg.
The Financial Times reported that executives presented the plan to unions in recent days but said that the number of jobs lost may end up being lower.
The group is one of several European telecom groups undergoing cost-cutting to improve efficiencies.
In July 2025, The Financial Times reported that Liberty Global – which jointly owns UK operator Virgin Media O2 with Telefónica – was set to cut about 800 of its 1,900 staff.
Allison Kirkby, Chief Executive at BT, said in May that she could cut more jobs depending on the impact of artificial intelligence (AI). The FTSE 100 group had previously announced up to 40,000 job cuts by the end of the decade.
Earlier this month, Marc Murtra, Chairman of Telefonica, outlined plans to improve operational efficiency and deliver €2.3bn in savings in 2028. He said this will be achieved through technological and operational excellence, streamlined processes, digital transformation, and the sale of legacy network assets.
Telefónica’s brands include Movistar for its Spain and Hispanic American operations, offering fixed and mobile telephony, broadband, and pay-television service Movistar Plus+.
Telefónica operates the O2 brand in the UK and Germany for mobile and broadband services. The company also has a 50% stake in Virgin Media O2 with Liberty Global. Its main brand for operations in Brazil is Vivo.
US studio Paramount Global is set to announce thousands of job cuts following its merger with Skydance. Discover more here.
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