Profits in Deutsche Bank’s investment bank fell by nearly 50% in 2019 as the German lender ended a tumultuous year with a heavy loss, driven by a radical restructuring plan it now says is around 70% complete.

Chief executive Christian Sewing hailed the progress on the transformation programme, unveiled in July 2019, but the bank failed to meet analyst expectations, with a net loss of €5.3bn for 2019.