Germany's second largest lender Commerzbank said on Thursday it plans to cut 9,600 jobs by 2020 and withhold dividends to pay for a 1.1-billion-euro restructuring.

The Frankfurt-based firm added that the plan, still to be agreed at a supervisory board meeting on Friday, would see it report a loss in the third quarter as it writes down the value of goodwill and other intangible assets.