Telefonica Takes $3.8B Hit

2:45 PM -- Telefónica SA (NYSE: TEF) says the process of laying off 6,500 staff in Spain, a move agreed on with local unions, will cost it €2.7 billion (US$3.82 billion), the equivalent of €415,000 ($587,000) per person. (See Euronews: Telefonica to Cut 6,500 Jobs.)
The carrier says its "results over the next few years will benefit from higher efficiency in personnel expenses."
How much were these people earning?
— Ray Le Maistre, International Managing Editor, Light Reading
The carrier says its "results over the next few years will benefit from higher efficiency in personnel expenses."
How much were these people earning?
— Ray Le Maistre, International Managing Editor, Light Reading