Commerzbank announced plans to cut 3,000 jobs while increasing investment in artificial intelligence technology as the German lender updated its strategic targets amid a takeover bid from Italian bank UniCredit.

The Frankfurt-based bank said it would raise its financial expectations for 2028 and establish new targets extending to 2030. The announcement comes as UniCredit pursues an acquisition of the German institution.

The job reduction represents part of Commerzbank's broader restructuring efforts as traditional banks across Europe face pressure to modernize operations and reduce costs. The cuts will likely affect various divisions across the organization as the bank seeks to streamline its workforce.

Simultaneously, Commerzbank plans to increase spending on artificial intelligence technologies, reflecting the banking industry's broader push toward digital transformation and automated services. The AI investment strategy aligns with similar initiatives undertaken by other major European financial institutions.

The timing of these announcements coincides with UniCredit's ongoing takeover attempt, which has created uncertainty around Commerzbank's future direction. The updated strategic plan and financial targets may serve as part of the German bank's response to the acquisition pressure from its Italian counterpart.