Updated from 12:38 p.m. EST

Citigroup ( C) CEO Vikram Pandit's days leading the large banking institution may be numbered as he struggles to keep the ship afloat as it continues to take on water.

Reports surfaced late Tuesday that Citi's agreement with Morgan Stanley ( MS) to create a brokerage joint venture would be the first in a series of initiatives that would essentially take apart the financial supermarket model former CEO Sandy Weill built a decade ago.

The troubled bank on Wednesday moved up its fourth-quarter earnings release date by six days, as Wall Street braces for the banking institution's fifth straight quarter of losses and a possible formal announcement of the new initiatives. Citi will now report results Friday morning, instead of Jan. 22, as previously scheduled.

Shares were falling 22% in recent trading to $4.60.

Citi is apparently looking to reduce its size by one third, The Wall Street Journal reported on Wednesday. The bank will announce plans to shed two consumer finance units and its private-label credit card business and reduce the amount of trading it does on its own behalf. It plans to focus on large corporate business and more affluent individuals, the Journal says.

The moves are an about-face for CEO Vikram Pandit, who as recently as November re-affirmed his commitment to the financial supermarket model, despite the company's decision last year to shed smaller non-core businesses.

Richard Parsons, a former Time Warner ( TWX) CEO and lead independent director at Citi, told the Journal on Sunday that the board has "confidence in the current management and leadership of Vikram." But the bank's predicament is only going to increase the cries for his ouster coming from some investors.

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