Banking giant Citigroup ( C) may be aiming to get a whole lot smaller in the near term under new CEO Vikram Pandit. Citi, the nation's largest bank, is expected to cut its workforce by as much as 37,000 in the wake of an unsettling 2007, which saw the departure of former CEO Charles Prince amid billions in writedowns. According to reports by CNBC, the bank is said to be considering slashing 5% or 10% of its employees. Citi's workforce has about 370,000 employees because of the completion of recent acquisitions, according to its most recent Securities and Exchange Commission filing. CNBC, citing people familiar with the moves, indicate that Citi may aim to sell some assets -- a move that Pandit has already suggested the company may be compelled to do to get leaner. CNBC's report repeats similar comments the news organization made last week, when it reported similar cuts that were expected to be announced at the bank imminently. A Citi spokesman reiterated that the bank has been "planning ways in which it can be more efficient and cost effective," but underscored that numbers associated with the total job cuts "were not factual." Citi is expected to report fourth-quarter earnings Jan. 15. Sources tell TheStreet.com that the bank could at that time announce moves to reduce workers and/or unload ancillary operations.