A restructuring at Telefonica will see the company shift around 2,500 jobs from Spain to offices around the world as it folds its Spanish networks into its larger European division.Currently, the company has a European division, made up largely of the former O2 mobile networks, but treats its home market of Spain as separate from that. Under the plans announced today, the company will retain its global HQ in Spain, but the management of the Spanish networks will be combined with the rest of the European management.

A new Telefónica Digital department will be led by Matthew Key, currently head of Telefónica Europe and based in London, with the transfer of around 2,500 jobs. The division will have regional offices in Madrid, Sao Paulo, Silicon Valley and certain strategic hubs in Asia.

A new global resources division designed to consolidate purchasing across the divisions will also be formed, and is expected to be based in Germany, where Telefonica operates the O2 mobile network. This unit will be overseen by Guillermo Ansaldo, currently the head of Telefónica Spain.

The company will end up with three divisions, the Digital services, Europe and Latin America. José María Álvarez-Pallete, head of Telefónica Latin America until now, will oversee Europe, while Santiago Fernández Valbuena, previously General Manager of Strategy, Finance and Corporate Development, will be in charge of Latin America.

The main lines of the new organisational structure were approved today by the Executive Commission of the Board of Directors, but the final details wont be announced until later this month.

The new organisational structure will revolve around a nine-member Executive Committee, backed by a Transformation Committee composed of the company's senior managers.

Updated: Earlier story understood that all the jobs will move to the UK. Now understood to be a global redeployment.