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.

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.