Deutsche Telekom is considering options including thousands of job cuts at its German business, a review of its holdings in eastern Europe and Greece and a partial sale of its subsidiary T-Systems, German daily Handelsblatt reported.
The paper cited unnamed people who attended a meeting last week at which management and supervisory board members discussed group strategy and how to reduce costs.
It said no formal decisions have been made yet. DT had no immediate comment on the Handelsblatt report.
The paper quoted a spokesman as saying no new cuts were planned.
The group faces competition from Vodafone in its German home market, where mobile service revenues slipped and investments rose in the second quarter.
DT is the main stakeholder in Greek telecoms giant OTE.