In 2023, DBS Bank’s CEO Piyush Gupta received a pay of S$11.2 million. The sum reflects a 27% pay cut from 2022, when he earned a total of S$15.3 million.
Source: Bloomberg
The bank released the figures in its annual report, published today (6 Mar).
Notably, the pay of Mr Gupta and the bank’s Senior Management was reduced to hold them accountable for the slew of digital disruptions last year.
In the report, DBS highlighted that the bank did not fare well in upholding technology resiliency. As a result, this had adverse consequences on its customers and the franchise.
Last November, the bank apologised for a series of disruptions to its digital services.
During one incident, customers could not access DBS banking services on 29 March 2023. Customers had inconsistent access to DBS Paylah! on 20 October the same year.
Crucially, these disruptions caused the Board to obtain a lower scorecard appraisal compared to 2022.
Taking these lapses into account, the bank decided to cut the pay received by Mr Gupta and the Senior Management. The total remuneration the CEO received in 2023 amounted to S$11,232,992, which was around S$4.1 million less than the previous year.
On the other hand, the Senior Management’s total variable pay was slashed by 21%.
The pay cuts were meted despite the bank achieving a “record year” in 2023.
Source: Reuters
For the first time, the bank’s total income surpassed S$20 billion. It also obtained an all-time high net profit of S$10.3 billion and 18% return on equity.
Adding to its accolades, Global Finance placed DBS amongst the top five World’s Most Innovative Banks.
Even with its optimal performances, however, the bank was committed to holding Mr Gupta and the Senior Management accountable for the disruptions.
In February this year, the bank announced that Mr Gupta will take a 30% cut in variable pay.
Also read: DBS CEO Piyush Gupta Takes 30% Cut In Variable Pay After Bank Service Disruptions In 2023
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Featured image adapted from DBS Bank and Reuters.
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