Last year my company went through a major downsizing exercise. Chaos reined as people spent most of their days speculating who would go in the next mass firing. The good old days of business class travel and expensive meals have definitely faded into the past.
Perhaps Telefonica thought they were immune to the global downturn, but losing a billion dollars overnight in Venezuela seems to have finally woken them up. It amazed me was that upon losing the said billion, the company immediately reiterated that their earnings guidance hadn’t changed.
Apparently Alierta went batshit crazy and took a chainsaw to budgets all over the company. But where do you get a billion in earnings on short notice? Most likely by firing contractors, shutting down all non-essential travel, and slashing marketing budgets (or raiding some rainy day slush fund hidden somewhere in South America). And of course their favorite, sticking random charges on people’s bills and hoping they don’t notice.