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 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,

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