STORY: Commerzbank announced plans to cut 3,000 jobs on Friday.
The German lender argued shedding the roles will help them reach more ambitious profit targets.
The update comes as Commerzbank tries to hold off a takeover by Italy's UniCredit.
The lenders have been in a standoff for months.
UniCredit CEO Andrea Orcel has ambitious expansion plans.
But the German bank is critical for the financing of Europe's largest economy and its financial center Frankfurt.
UniCredit moved earlier this week to officially launch its takeover attempt at a below-market price of just over $43.4 billion.
Commerzbank argued Friday Unicredit's plan was 'vague' and had large 'execution risks'.
The staff cuts mark a third round of layoffs in recent years.
Commerzbank shed 10,000 people earlier this decade and announced plans last year to cut another 3,900.
Orcel has made clear he would slash the Frankfurt-based headquarters.
Commerzbank also flagged Friday a near $530 million in restructuring costs as it cuts the jobs.
It hopes the new targets will convince investors it can perform strongly as an independent company.
One upgraded goal includes projected revenue of $17.6 billion in 2028; that's up from an earlier target of $16.7 billion.
It also lifted its profit goal for 2028 to $5.4 billion from a previous aim of $4.9 billion
