Telefonica (TEF) is planning to cut 6,088 jobs across its operations in Spain as part of the company's cost-cutting drive, Bloomberg said Tuesday, citing a spokesperson for the UGT union.

The UGT union said that the job cuts will affect seven subsidiaries of Telefonica, adding that initially it was estimated that about 5,300 employees would be laid off, but that figure was revised after the company completed its meetings with the affected units, the report said.

Telefonica and the unions now have about 30 days to negotiate a plan, after which the company will announce a deal or proceed with the plan without union backing, according to the report.

Telefonica did not immediately respond to MT Newswires' request for comment.

Shares of the company were up 2.7% in recent Tuesday trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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