Predictably, speculation about potential job cuts at Guardian News and Media (GMG) has been rife since yesterday’s announcement that the company was seeking to make £25 million in savings over the next five years.

The Telegraph reported this morning that a cull could go as high as 175 staff, and both the Independent and Evening Standard reported certain job cuts.

A spokesperson for GMG flatly refuted the number in the Telegraph article and told Journalism.co.uk today that yesterday’s statement “was not a redundancy announcement”. He refused to rule out job cuts, however.

“Yesterday’s briefing was not a redundancy announcement. We shared with staff our current position and a strategy to transform the organisation, and said we would work with staff and unions to achieve it. Of course no media company can rule out redundancies in the current climate, but we will talk to staff about issues like that first.”

Yesterday’s statement from GMG confirmed that the company suffered operating losses of £33 million in the last financial year and announced its newspaper titles the Guardian and the Observer would be switching to a “digital-first” strategy.