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.

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.

German lender Commerzbank said Thursday it plans to cut about 3,900 jobs, around 10 percent of its workforce, seeking to fight off pressure for a tie-up from Italian bank UniCredit.It has since boosted its holding in the German bank to around 28 percent.