Investing.com -- Spanish telecom firm Telefonica (NYSE: TEF ) is reportedly contemplating a significant reduction in its workforce, with the potential elimination of between 4,000 to 5,000 jobs.

The move is part of the company’s ongoing efforts to decrease structural costs and enhance operational efficiency, according to a report published on Monday by news website El Confidencial, which cites anonymous financial sources.

This action is projected to result in annual cost savings of 285 million euros starting from 2025.

The report also highlighted that since 2008, Telefonica has made substantial reductions to its payroll, with a total decrease of 20,000 jobs.

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