Germany's Commerzbank on Thursday said it was preparing staff cuts in its efforts to fend off tie-up advances by Italian banking group, UniCredit. Commerzbank has been advocating its case to stand alone as an independent company,

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.

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.