Commerzbank said on Thursday it is proposing to cut 10,000 jobs and close hundreds of branches as part of a strategy revamp announced just weeks after new chief executive Manfred Knof took on the top job at Germany’s second-biggest bank.

The strategy proposes reducing the bank’s workforce by around a quarter and cutting its network of branches from 800 to 450 by 2024.

The company said it is targeting a reduction of its cost base by €1.4 billion for 2024 compared with 2020.

The bank’s board of managing directors has submitted a draft of the new strategy to a supervisory board meeting scheduled for February 3.

“After that the strategy is to be decided upon by the board of managing directors,” said Commerzbank.

“So far, no decisions have been taken on any item of the strategy programme.

“The early publication of planned cornerstones is a consequence of the current media coverage.”

Knof said: “We want to focus on Commerzbank’s strengths and secure its strong performance for the long term.

“To achieve this, we will thoroughly reduce complexity and cut costs.

“Our goals are very ambitious, but we will do everything necessary to achieve them.

“Thereby, the bank will create value for customers, employees, shareholders, and society as a whole.”