Commerzbank AG is considering cutting an additional 7,000 jobs and closing 400 of its German offices, Boersenzeitung (BoeZ) reported on Tuesday citing finance industry sources.

However, a spokesperson for the bank insisted that its supervisory board has not decided on the matter and that the details of Commerzbank's cost project will be disclosed with its second-quarter results.

Last year, the lender announced plans to reduce its workforce across the group by around 4,300 by 2023.