Citigrouplayoffs are expected to begin next week, according to people familiar with the matter.
Citigroup is expected to cut between 5 percent and 10 percent of its staff of about 320,000, these people within the firm say.
Neither Citigroup's Chief Executive Vikram Pandit nor the firm's public relations staff have issued a formal announcement on the matter.
In addition, Merrill Lynchcontinues to look for ways to raise funds overseas.
Previously, CNBC has reported that Merrill Lynch plans to announce layoffs of about 1,600 workers after it discloses its fourth-quarter write-downs.
Merrill Lynch had about 64,000 employees at the end of September, so a reduction of 1,600 employees would represent less than 3 percent of its work force.