Telefónica has told unions its plans to cut around 5,100 jobs in Spain by 2026, Reuters reports.

Spanish union UGT told the publication that Telefónica is looking to cut jobs to reduce costs and adapt the company's size to the current market.

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The telco currently employs around 21,000 people, so 5,100 would represent a quarter of its Spanish workforce being culled.

Globally the operator employs more than 103,000 people across Spain, Brazil, Germany, and the UK.

A meeting between unions and Telefónica is set to take place next week, where both parties will negotiate the conditions of the layoffs.

In its new three-year strategic plan, Telefónica noted that it planned to increase cash reserves, while reducing debt, which led the union to ask about cuts to the workforce.

Telefónica has separately stated that there will be no change to its German division, Telefónica Deutschland, which it said "will continue to be a Munich-based telecom powerhouse managed independently under the umbrella of the Telefónica group."

A number of telcos have announced job cuts this year, including Vodafone, T-Mobile, BT, and Telecom Italia.