Telefónica has told labor union representatives that it plans to cut jobs in Spain, according to the UGT union.
It's not known how many jobs are expected to go, but Spanish newspaper Cinco Dias reports that it could be as many as 3,000 jobs.
Another publication, El Economista, reports that job losses would account for around 10 percent of the workforce.
Telefónica currently employs around 21,000 people in Spain.
“UGT will lead a negotiation, which, repeating the success stories of the I and II CEV, will consolidate employment and strengthen the salary structure and the purchasing power of the people who work at Telefónica,” said the union.
The union has been on the heels of Telefónica since the company kicked off its new three-year strategic plan, focused on growth, profitability, and sustainability. earlier this month.
Telefónica outlined the plan, noting the aim is to increase cash, while reducing debt, which led the union to ask about cuts to the workforce.