Duran Duran are furious with Deutsche Bank after the organisation reneged on plans to hold a private concert with the band, according to reports.

The veteran group were due to be paid over half a million pounds for the gig later this summer.

But bosses at the bank decided that the concert would not be suitable amid the current credit crunch.

Speaking to the Mirror newspaper, an unnamed source said that the band had “rerouted their world tour at great cost to themselves to play the party.”

“Then there's the fee. They're in talks but neither side is budging. They are disappointed."

A spokesperson for the bank denied that their was a rift between the two parties but acknowledged that the current financial climate was behind the decision to cancel the show.

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See Duran Duran in action on their world tour below...