Bloomberg | April 14, 2011 | Manuel Baigorri
Telefonica SA (TEF) may cut its workforce in Spain by about 20 percent within the next three years as the country’s former phone monopoly targets growth in Latin America to make up for declining sales in its home market.
Telefonica, which employs about 35,000 people in Spain, faces a “difficult” macro-economic environment and “increased competitive pressure,” the company said in a presentation on its website today. Madrid-based Telefonica, which is cutting 6 percent of management positions, said it will link pay and benefits more to employees’ productivity rather than the
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