The lender plans to lay off around 9% of its workforce in a bid to boost returns and convince investors of its standalone prospects.

Germany's Commerzbank is preparing staff cuts and revamped financial targets in its efforts to fend off tie-up advances by Italy's UniCredit , multiple people with direct knowledge of the plans told Reuters.

Germany's Commerzbank will cut thousands of jobs as the bank battles to fend off a takeover bid from Italian banking giant UniCredit. About 3,900 full-time positions will be cut by the end of 2027, the company announced on Thursday.