Commerzbank is the latest lender turning to mass job cuts and digitalisation in a bid to boost profitability.
On Thursday Commerzbank said that in order to "substantially" increase profits, it will cut 9600 jobs over the next four years, although this will be partially offset by 2300 new positions.
On Friday, the German firm outlined its plans and a 'Commerzbank 4.0' strategy in greater detail, vowing to spend some of the money it saves from job cuts on a EUR700 million a year IT and digitalisation splurge.
In future, agile project teams working on a digital campus will drive projects and automate and optimise processes. By 2020 the bank aims to have 80% of relevant business processes digitised, resulting in major cost savings.
The first milestone will come in October when Commerzbank rolls out its integrated digital sales interface, 'One'. This will enable sales personnel and customers to view information and conduct transactions on the same platform at any time.
Then, an integrated cloud-based customer relationship management system for private, small business and corporate clients will then be introduced in the second half of 2017.
Martin Zielke, chairman of the board of managing directors, Commerzbank, says: "The new Commerzbank 4.0 is focused, digital and efficient."