Germany's Commerzbank is reportedly gearing up to reduce its workforce by 3,000 to 4,000 jobs to counter UniCredit's takeover bids, as per information from various sources cited by Reuters. The bank's supervisory board is scheduled to discuss cost-cutting measures and new objectives in an all-day meeting, with a new strategy presentation expected on Thursday. Chancellor Olaf Scholz has condemned UniCredit's increased stake in Commerzbank, labeling it as an 'unfriendly' and 'hostile' move. CEO Bettina Orlopp of Commerzbank has been revamping the strategy to showcase the bank's 'significant value potential,' following a 20% rise in net profit last year.