Dresdner Bank has pulled out of its mega-merger with Deutsche Bank, launching a bitter attack on its German rival for planning to sell off Dresdner Kleinwort Benson (DrKB). The news is likely to lead to calls for Rolf Breuer, Deutsche chairman, to stand down.

On March 9, when the $28.6bn merger was first announced, Breuer insisted that Kleinwort Benson was a jewel. 'It won't be sold or shut,' he said.