- Telefonica (TEF -0.8%) is going to offer early retirement to employees, and will take a corresponding charge of €2.9B upfront for a move that should save money in the long term.
- Some employees will have access to the voluntary plan immediately. The company expects to save €370M on average annually starting in year two, after a positive impact of some amount in the first year.
- The debt-laden carrier is trying several initiatives to reduce its overall level closer to €31.7B, from the €49.7B it reported in September.
- Shares are up 1.3% after hours.