Sari Gustafsson/AFP/Getty Images

Nokia could be planning to cut 10,000 to 15,000 jobs worldwide, according to Reuters. That number is far greater than the company's earlier announcement that it would layoff around 2,4000 jobs in Finland and Germany in a cost-cutting effort.

Not to be confused with the Nokia mobile phone business, the latest layoffs would hit the telecom network equipment company, which employs more than 100,000 workers around the world. The job cuts would follow the company's acquisition of rival Alcatel-Lucent.

Nokia did not immediately respond to a request for comment.