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.

Commerzbank AG (OTC:CRZBY)'s CEO, Bettina Orlopp, is preparing to announce significant job cuts across the bank's back office operations in an upcoming investor day on Thursday, as reported by Bloomberg News.

Commerzbank AG Chief Executive Officer Bettina Orlopp is set to unveil job cuts across the back office as she seeks to prove the lender’s future is better without a takeover by UniCredit SpA.