Shacklock left DKW with £26m payout

Tim Shacklock, the former deputy chairman of Dresdner Kleinwort Wasserstein, who quit the bank last year, took home nearly £26m for the year, according to accounts published yesterday.

The payment makes Mr Shacklock, who had been in charge of mergers and acquisitions for DKW, one of the most highly rewarded people in the City last year.

DKW's accounts show that its highest-paid employee received £25.7m last year. The bank refused to comment on the identity of that individual, but it is understood to be Mr Shacklock.

The banker is one of the City's best known dealmakers. Before leaving DKW last October he worked on deals worth £70bn for the bank. They included the IPO of the mobile phone company Orange and the ultimately unsuccessful defence of NatWest against a bid from Royal Bank of Scotland. He is also famous for his long-term role as adviser to defence giant BAE Systems.

His package included a bonus for remaining loyal to DKW, which was handed out to senior staff after DKW's parent, Dresdner Bank, failed in 2000 to merge with Deutsche Bank.

Mr Shacklock left DKW last year before joining Gleacher Partners, the New York investment boutique set up in 1990. The company has been renamed Gleacher Shacklock.