Commerzbank intends to launch an in-depth restructuring programme. As part of its transformation, the Bank strives to combine the benefits of a fully digitalised bank with personal advice, consistent customer focus, and sustainability. Costs are to be significantly reduced and profitability substantially increased by 2024. This will enable Commerzbank to further strengthen its leading position as the Bank for the German Mittelstand and as a strong partner for approximately eleven million Private and Small-Business Customers. The Bank's Board of Managing Directors has submitted a draft of the new strategy programme to the Supervisory Board. The Supervisory Board meeting in which this proposal is due to be discussed is scheduled for 3 February 2021. After that the strategy is to be decided upon by the Board of Managing Directors. So far, no decisions have been taken on any item of the strategy programme. The early publication of planned cornerstones is a consequence of the current media coverage. The strategy programme builds on the following key levers: Going forward, the Bank will consistently put profitability before growth, for example when it comes to the efficient use of capital or adequate pricing of products and services. As part of the Group's restructuring, there will be a significant headcount reduction. By 2024, Commerzbank will reduce approximately 10,000 full-time equivalents in gross terms. In Germany, will affect every third job. Commerzbank will work with employee representatives to agree fair and - as far as possible - socially responsible solutions for the headcount reduction. The Bank is working towards a swift agreement on the planned headcount reduction with the Works Council to launch implementation as soon as possible. As part of a wide-ranging digitalisation, the Bank will substantially reduce the branch network and significantly expand its digital offerings for customers. The number of branches is to be reduced from the current level of 790 to 450 locations across Germany. At the same time, the Bank will simplify, digitalise and automate its business processes. To achieve this, Commerzbank will invest a total of ?1.7 billion in its IT over the next four years. Furthermore, the Bank will accelerate its cultural transformation with the objective to strengthen a success-oriented performance culture.