Commerzbank said on Thursday it would cut 3,900 jobs and unveiled more ambitious financial targets as part of a strategy revamp designed to head off UniCredit's advances for a tie-up between the German and Italian lenders.

Thursday said that it would cut 3,900 full-time equivalent positions by 2028, as it looks to stave off any takeover bid by Italy's UniCredit.

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.