Tim Shacklock, the former deputy chairman of Dresdner Kleinwort Wasserstein who resigned last year, is understood to have been paid nearly £26m (€37.7m) in 2002.

The highest paid director at Dresdner Kleinwort Wasserstein Limited - understood to have been Shacklock - received £25.8m in "aggregate emoluments" for the year ended December 2002, according to accounts filed in the UK on Thursday.