Commerzbank plans to axe 3,900 mostly local jobs to help it deliver more ambitious profit targets as part of its strategy to fend off UniCredit's advances for a tie-up between the German and Italian lenders,

The lender plans to execute the job reductions by primarily relying on demographic changes and natural workforce fluctuations.

Commerzbank announced it will eliminate 3,900 full-time positions by 2028, largely in its native Germany, as it unveiled a spate of new strategic targets.