TPG Telecom boss Inaki Berroeta is “cautiously optimistic” the company will secure regulatory approval for its regional network sharing deal with Optus and has revealed 120 job cuts in Australia as the telco group continues to slash costs.

The chief executive declined to specify when the job cuts started or which roles were being made redundant but said the telco group, which is carrying more than $4 billion in debt, needed to keep reducing its expenses.