Spanish politicians and trade unionists on Thursday condemned the “obscenity” of a €3m ($4.3m) annual pension granted to a senior banker who took early retirement this week at the age of 55.

José Ignacio Goirigolzarri, the former chief executive at BBVA, Spain’s second biggest bank, found himself at the centre of a storm over executive remuneration when he stepped down on Tuesday. He had failed in his bid to replace Francisco González, the bank’s executive chairman.