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Vodafone Looking to Cut a Quarter of its Spanish Workforce

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Vodafone is looking to cut around a quarter of its staff or around 1,000 jobs as part of a cost cutting exercise, according to a local labour union.

The company is looking to cut costs as revenues have slumped in recent years in the recession hit country which has a huge youth unemployment problem.

A spokesman for the UGT union told Bloomberg News that union reps and management are due to meet this week to discuss the issue.

Last March, the company secured an agreement with the unions to suspend the employment of employees for two weeks as part of a cost cutting drive - but did so in exchange for an agreement not to outsource any jobs to 3rd-party companies during the remainder of 2012.

Vodafone also wrote down the value of its Spanish network by USD9.4 billion last November in response to falling sales.

On the web: Bloomberg News

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Tags: vodafone  Spain