Commerzbank’s management is eyeing cutting at least 5,000 jobs, or more than 10% of the bank’s workforce, and eliminating one of its units as part of a broader overhaul to address weak profitability amid low interest rates and sluggish client activity, people familiar with the matter said.

Germany's second-largest lender by market capitalisation is still fine-tuning the plans to be announced at the end of next week, when new chief executive Martin Zielke plans to unveil a new strategy, these people said.