Deutsche Bank shares tumbled yesterday after a promise of hefty savings from a structural reform failed to assuage investor concerns in the wake of a bigger-than-expected drop in fourth-quarter earnings.

Germany's largest bank, striving to join top Wall Street names in the big league of investment banks, said 2,600 jobs would go in the long-planned revamp, and expected to generate yearly cost savings and earnings growth of €1.5 billion (£1.18 billion) by 2003.