The film is based on the Michael Lewis bestseller of the same name, which explores the housing and credit bubbles behind the 2008 financial crisis. Pitt previously produced and starred in an adaptation of the author's book Moneyball in 2011.
Pitt will produce the new movie through his company, Plan B Entertainment, with Adam McKay as writer and tentative director. McKay is known for helming Anchorman and The Other Guys, and co-founded website Funny or Die with frequent collaborator Will Ferrell.
Bale last appeared as Moses in Ridley Scott biblical epic Exodus: Gods and Kings, and is scheduled for the new Terrence Malick film Knight of Cups. He and Gosling will star with Natalie Portman in a different, untitled movie for the director in 2015.
Pitt last portrayed Don "Wardaddy" Collier in WWII feature Fury, and will star with wife Angelina Jolie in 1970s period drama By the Sea. The actor will also produce James Franco and Jonah Hill thriller True Story, and a sequel to World War Z.