He has to replace over a dozen members of his shadow cabinet and a string of resignations last night and this morning.
The following appointments were unveiled at 8.30am:
However, more resignations followed; Shadow Foreign Minister Diana Johnson, Shadow Civil Society Minister Anna Turley, Shadow Defence Minister Toby Perkins, Shadow Cabinet Office, Scotland and Justice Minister Wayne David and Shadow Consumer Affairs and Science Minister Yvonne Fovargue have all resigned.
This raises the dilemma of a leader that staff don’t have faith in. When should the leader step down?
Corbyn’s full statement about the coup, released last night, can be seen below.
Our country faces a huge challenge following Thursday's vote to leave the European Union. And the British people have a right to know how their elected leaders are going to respond.
We need to come together to heal the divisions exposed by the vote. We have to respect the decision that has been made, hold the government to democratic account over its response, and ensure that working people don't pay the price of exit.
Neither wing of the Tory government has an exit plan. Labour will now ensure that our reform agenda is at the heart of the negotiations that lie ahead. That includes the freedom to shape our economy for the future and the necessity of protecting social and employment rights.
One clear message from last Thursday's vote is that millions of people feel shut out of a political and economic system that has let them down and scarred our country with grotesque levels of inequality.
I was elected by hundreds of thousands of Labour Party members and supporters with an overwhelming mandate for a different kind of politics.
I regret there have been resignations today from my shadow cabinet. But I am not going to betray the trust of those who voted for me - or the millions of supporters across the country who need Labour to represent them.
Those who want to change Labour's leadership will have to stand in a democratic election, in which I will be a candidate.
Over the next 24 hours I will reshape my shadow cabinet and announce a new leadership team to take forward Labour's campaign for a fairer Britain - and to get the best deal with Europe for our people.