The NUJ has revealed that Newsquest Herald & Evening Times Group is to make up to 50 people redundant in an effort to save £2million.
Paul Holleran, Scottish Organiser of the NUJ has said that he has been informed of the savings, while an internal memo to staff informing each head of department to review its costs before the end of the month.
Holleran said: "Last time they mentioned a figure, they said they wouldn't do it again so I'm a bit surprised. They've just revealed £23m profit."
The memo to staff is reported to have said: "The Herald and Times Group, in line with much of the UK newspaper industry, is in the throes of an unprecedented economic downturn.
"The impact of the credit crunch is accelerating and is impeding our ability to both maintain and grow new sustainable newspaper advertising revenues.
"Since the beginning of the year, the publishing business has seen rapidly decreasing revenues.
"This, coupled with increasing utility costs, has resulted in the publishing business experiencing unacceptable pressure on profits with no sign of recovery in the coming months. The company must take action now to secure its future.
"Each department head has been asked to review costs including staffing levels, taking into consideration the impact of new technology and taking into account deliverable strategic cost efficiencies through changes to existing working practices."
The news will not come as a surprise in the industry following the recent resignation of Charles McGhee, editor of The Herald, which is thought to have been due to more cost cuttings being enforced within the company.
Tim Blott, managing director of Newsquest Herald & Evening Times Group was on holiday at the time of writing and unavailable for comment.