Citigroup will announce at least a $10 billion injection and a write-down of as much as $20 billion in mortgage-related investments when it announces its fourth quarter earnings tomorrow, the Wall Street Journal reported Monday.

A cost-cutting plan to be unveiled by the bank's new Chief Executive Vikram Pandit will likely include substantial job cuts, the Journal said, citing people familiar with the plans.

As of yesterday, the firm's board was set to approve Pandit's recommendation that the company reduce its quarterly dividend payment, a source told the Journal. The size of the cut was not clear.

About 6,500 layoffs could come, with Citi's investment bank to absorb the most losses, one person said.