London (CNN Business)Commerzbank plans to slash its workforce by 10,000 and close 340 branches by 2024 as part of a strategic overhaul.

The bank has roughly 48,500 employees around the world. But it indicated in a statement on Thursday that its home market would be heavily affected, with one out of every three jobs in Germany being cut.The number of branches in Germany will fall from 790 to 450 as a result of the cost-saving drive, which the bank said puts “profitability before growth.””We want to focus on Commerzbank’s strengths and secure its strong performance for the long term,” CEO Manfred Knof said in a statement. “To achieve this, we will thoroughly reduce complexity and cut costs.” Germany's recession wasn't as bad as 2009Germany's recession wasn't as bad as 2009Germany's recession wasn't as bad as 2009The bank said it would implement the changes “as soon as possible,” creating €1.4 billion ($1.7 billion) in annual savings by 2024. The bank will meanwhile accelerate its investment in IT.Read MoreShares in Commerzbank (CRZBF) were up nearly 6% in Frankfurt. “Commerzbank will work with employee representatives to agree fair and — as far as possible — socially responsible solutions for the headcount reduction,” it said in a statement.

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