Johnny Cameron, chief executive of Royal Bank of Scotland’s corporate markets division, earned £3.3m (€4.2m) in compensation last year, down 7% from the previous year after he received a lower performance-related bonus.

Cameron, who sits on the board of RBS as one of six executive directors, received £988,000 in salary and fees last year, up from £889,000 the previous year, according to the bank’s annual report published yesterday.