Australia's second largest telecommunications company Optus on Wednesday announced a major operational restructuring plan that will see 750 job cuts from the company.

The redundancies, mostly from senior and middle management, operations and back office, will take place in the coming months and will cost the company about 37 million AU dollars (38.25 million U.S. dollars), Optus said in a statement on Wednesday.

The company said two-thirds of the job cuts would come from Sydney workforce and the rest would be in Queensland, Victoria, the Australian Capital Territory and South Australia.

Optus Consumer Australia Chief Executive Kevin Russell said the cuts were needed to rein in costs to keep the company competitive.

"By creating a more efficient organization with a renewed focus on the customer, we will be able to compete more effectively," he said.

 VietNamNet/Xinhuanet