Citigroup (C) Chief Executive Charles O. Prince III plans to eliminate or reassign more than 26,000 jobs, or 8 percent of its work force, when he announces a major overhaul of the financial institution on Wednesday, according to a report in The New York Times.

Citigroup's consumer and investment banking businesses are expected to face the most severe cuts, the Times said. But across the company, legal and compliance departments are being heavily scrutinized, people who have been briefed on the plans said in the Times.

In a memo to employees on Monday, Prince said the bank plans to consolidate some back-office, middle-office and corporate functions, move some work to lower-cost areas, and make its technology platforms more efficient. Reuters obtained a copy of the memo, and a Citigroup spokesman confirmed its contents.

Other published reports have said that Citigroup might eliminate 15,000 jobs, or about 5 percent of its work force of 327,000. CNBC on Monday said Citigroup might cut 45,000 jobs.

The cuts will follow a nearly four-month review by Chief Operating Officer Robert Druskin of expenses at the largest U.S. bank.