ROME, Sept 19 (Reuters) - Telecom Italia TLIT.MI has agreed with unions to cut 5,000 jobs, a union source told Reuters on Friday.
“An agreement on the job cuts have been signed,” the source said on condition of anonymity. “It’s 5,000.”
Europe’s fifth-biggest telecommunications operator by market value, Telecom Italia is labouring under 37 billion euros of debt and faces falling profits.
It is looking to cut costs as it tries to restructure itself.
Italian newspapers have reported that it is also looking to sell assets, including spinning off its fixed-line network. (Reporting by Stefano Bernabei; writing by Gilles Castonguay)
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