BERLIN (AP) — Germany's ailing Commerzbank says its chief executive, Martin Zielke, has offered his resignation and its chairman has announced he's stepping down next month.

In a statement Friday after market trading ended, Commerzbank said a recommendation was made to “mutually terminate” Zielke's appointment as board member and chairman of the board of managing directors by the end of the year at the latest.

Zielke was appointed chief executive in 2016.

The bank also said that Stefan Schmittmann would resign as chairman of the supervisory board with effect from Aug. 3.

The German state holds over 15% of Commerzbank's stock, making it the lender's biggest shareholder.

Earlier this week German media reported that the bank was considering cutting thousands of jobs and closing hundreds of branches in the coming years as part of a cost savings plan.