GERMAN bank Commerzbank has announced it is planning to shed 9,600 jobs by the end of the decade.

The bank, the second biggest lender in Germany, said by 2020 it would have “sustainably increased its profitability”.

The cuts represent about 19 per cent of its workforce, though the bank said it would create 2,300 new position in areas where it is growing.

As part of a €1.1bn (£950m) restructure strategy which will be paid for by stopping dividend payments, it will focus on two customer segments, ‘private and small business customers’ and ‘corporate clients.