Bailey ordered a review of the company after she took over in February. At the company's results announcement last week, she said she aimed to achieve cost savings of £25m by 2005. The company said turnover was down 1.4% to £551.6m as pre-tax profit rose 2.6% to £80.4m.
Trinity Mirror management have entered into a month-long consultation with the staff affected and with the British Association of Journalists.
A spokeswoman for the publisher said the redundancies were part of a "restructure and streamlining of the editorial department", aimed at increasing "performance and efficiency within the function".
She said: "We anticipate that up to 45 jobs could be affected. Where possible, we will seek to achieve these through voluntary redundancy. A month's consultation with staff, both individually and with the BAJ, begins immediately."
The measures will also see the Daily Mirror's Welsh edition close, to be replaced by extra pages of Welsh coverage in the English edition, which will be available in Wales from next Monday, August 11.
The cuts are the second wave of redundancies to be announced as part of the 550 announced last week.
The company has already said that 28 jobs will be affected by the closure of its Saturday 'M' and 'The Look' supplements.
The spokeswoman added that the company is "making improvements to our overall edition coverage in order to boost our competitiveness in key areas". She said that as a consequence the Welsh Mirror "would no longer exist as a standalone title".
"Naturally we are as committed as ever to producing a paper that is relevant to Wales and will retain a Welsh news presence," she said.
Last week, the paper announced that ad director Neil Hurman would be the latest victim of Bailey's senior management purge.
Hurman, who joined MGN from Leagas Delaney in late 2000, was the last remaining senior national newspaper executive inherited by Bailey.
Ellis Watson, who was hired as the Mirror Group's general manager in May, will take over ad sales responsibilities, but Mirror Group is understood to be looking externally for a replacement for Hurman.
Hurman follows Mark Haysom, the managing director of Mirror Group, and its marketing director, Alisdair Luxmoore, out of the door.
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