LOS ANGELES (CBSLA.com) — Executives at DreamWorks Animation are expected to officially announce layoffs at the studio, although the timing and exact number of cuts was unclear, according to reports Monday.

Plans to “significantly reduce” staffing at the Glendale-based company will likely top the 350 layoffs that the company made in 2003, the Los Angeles Times reported.

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The report cited “two people with knowledge of the move who asked not to be identified” and described the move as a cost-cutting measure.

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As many as 400 employees at the company’s facilities in Glendale and Redwood City could be affected by the cuts, which are already underway, according to Variety.

DreamWorks has about 2,200 employees in California, according to The Times.

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There was no immediate response to the reports from DreamWorks executives.