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