LONDON/FRANKFURT (dpa-AFX) - Commerzbank is considering cutting thousands of jobs to ward off a takeover by Unicredit, according to a press report. The plans are expected to be presented to the works council in the coming weeks, the "Financial Times" reported over the weekend, citing people familiar with the matter. The news was received positively on the stock market.

On Monday morning, Commerzbank shares gained more than two percent to 17.97 euros, making them the strongest gainer in the Dax. This brought their price to its highest level since 2011.

According to the Financial Times, the planned cuts will result in a small number of jobs being lost. When asked for more information, Commerzbank referred to its Capital Markets Day on February 13, when investors and the public will be given a comprehensive update on the company's strategy, which is still being developed.

"We cannot anticipate the upcoming deliberations in the Board of Managing Directors and the Supervisory Board," the bank said. In principle, increasing competitiveness is an ongoing entrepreneurial task.

UniCredit controls around 28 percent of Commerzbank and has already announced that it will seek approval from the supervisory authorities for a stake of up to 29.9 percent. From a share of 30 percent, the Milan-based bank would be obliged to make a public takeover bid.

At the end of last year, Uwe Tschäge, then head of the Commerzbank works council, warned in the "Handelsblatt" that if the second largest German private bank were taken over, two-thirds of all jobs in Germany could be lost. He said that the loss of around 15,000 jobs was a distinct possibility.

At the time, Unicredit said that this was completely unfounded. In addition to the works council and the unions, the current federal government also rejects the approach of the Italians./chs/stw/men/jha/