Commerzbank announced a $1.76 billion (1.6 billion euro) restructuring, where it will slash 2,300 net jobs and shut 200 branches as it moves to expand its use of mobile banking, in a company release. 

The bank said it may also merge its Comdirect bank into the main Commerzbank financial institution, however, the branch bank will remain a "pillar" of the overall business. 

The restructuring would entail slashing 4,300 jobs and hiring another 2,000 jobs in strategic  areas. The bank would have about 800 physical branches remaining in Germany.

The plan also calls for the sale of its Polish unit, mBank S.A.

The restructuring envisions the bank reporting higher revenue and more customers by the year 2023. 

Cover image courtesy of iStock.