MADRID—Spain’s Telefonica has reached an agreement with labor unions to cut some 15 percent of its domestic workforce via voluntary redundancies in a plan estimated to cost it 1.5 billion euros ($1.7 billion) this year, the telecoms group said on Tuesday.
The plan to cut around 2,700 jobs in an increasingly competitive market in early 2022 will yield annual savings of more than 230 million euros from 2023, Telefonica said in a filing to the stock market regulator.
