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Professor Wendy Larner, vice-chancellor of the university, said it was “no longer an option” to continue as it was without taking difficult decisions.
The proposed changes include a reduction of 400 full-time academic staff – 7% of the total workforce.
Subjects and programmes in ancient history, modern languages and translation, music, nursing, and religion and theology could be closed.
The university said it would use compulsory redundancy only if absolutely necessary.
It comes as university leaders have warned of financial concerns as a result of a fall in the number of overseas students and increasing cost pressures.
Durham University has also set out plans to reduce staff costs by £10 million this year, which may equate to around 200 professional services staff posts.
On Tuesday, the university said it will open a voluntary severance scheme for staff, but it cannot rule out compulsory measures.
Cardiff University is currently reporting a £31.2 million operational deficit.
Prof Larner said: “We know here at Cardiff University that it is no longer an option for us to continue as we are.
“Our new strategy, co-created with our community, lays out an ambitious future for our university where it is collaborative, innovative, and delivering value for Cardiff, Wales and the wider world.
“Securing that future, in the context of tightening finances, means we need to take difficult decisions to realise our ambitions to enhance our education and research, and improve the staff and student experience.”
The proposals to save money include increasing student and staff ratios across the university as well as possible school mergers.
The Russell Group university is launching a formal consultation on the proposed changes, which will run for three months.
Final plans are expected to be considered by University Council in June.
Staff briefings were held on Tuesday and will continue throughout the week.
Prof Larner added: “I know that these proposals impact some staff more than others and they will cause a great deal of uncertainty and anxiety for those potentially impacted.
“We have done everything that we can to avoid reaching this position, but ultimately we know that annual rounds of cuts demoralise our staff, affect our students, and limit our ability to retain and grow new partnerships with our community here in the UK and elsewhere.
“We need to act now to ensure that we are able to deliver on the aspirations of our new strategy and have a viable university for the future.”
Published: by Radio NewsHub
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