O2 Telefónica to cut up to 1,100 jobs and close 60 shops

O2 Telefónica is cutting jobs under its 'Future Operating Model' restructuring, mainly affecting customer service, the retail shop network and the central OHG unit. Background: the loss of the 1&1 wholesale business to Vodafone and a 3.8% revenue decline in 2025 to €8.2bn (first reports 10 July, wider confirmation incl. Handelsblatt on 14 July). Firmed up on 22 July 2026: up to 1,100 of around 6,820 full-time positions will go by the end of 2026 — about one in six; in addition around 60 of the roughly 800 O2 shops will close (company-owned locations only, no franchise partners). The company booked €265m of restructuring provisions for 2026, with up to €155m more possible for a second cost-cutting phase in 2027; from 2028 it expects annual savings of around €185m. Management cites a simplified organisation and intensified use of artificial intelligence in central processes as the levers.