In the past 12 months, the bank has cut 23,000 jobs, while losing more than $20 billion in investments tied to the U.S. housing market, CNNMoney reported.
Chief Executive Officer Vikram Pandit was scheduled to discuss the cuts in a town hall style meeting Monday morning.
One employee apparently still safe at his job is bank Chairman Win Bischoff. Following a story in The Wall Street Journal that the board of directors was seeking to replace Bischoff, the bank's board sent a memo to employees that said the story was "irresponsible and completely inaccurate," CNNMoney reported.
The bank indicated the cuts would be enacted in the "near-term," a move to impress upon investors it was being proactive about making changes, a source told CNBC.