Latest News

DBS CEO Piyush Gupta gets 27% pay cut in 2023, takes home S$11.2M

DBS CEO Piyush Gupta receives 27% pay cut in 2023

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.

Bank says it failed to uphold technology resiliency

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%.

Pay cuts even amid bank’s record year

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

Have news you must share? Get in touch with us via email at news@mustsharenews.com.

Featured image adapted from DBS Bank and Reuters

Amber Ang

Amber is an unapologetic fangirl and a huge Swiftie.

Recent Posts

Pilot treats passengers to pizzas after emergency landing causes hours-long delay in the US

He made sure all the passengers were served before taking a slice for himself.

22 Nov 2024, 6:32 pm

Woman in China grows ‘trident’ flesh on fingernail, apparently due to improper & frequent manicures

The doctor recommended a 2-week gap between manicures to allow nails to recover.

22 Nov 2024, 6:08 pm

Loyal pet dog in China tracks owner’s scent for 16km to reunite with her in hospital

The dog stayed with its owner until she was discharged.

22 Nov 2024, 6:04 pm

Newborn piglet falls off truck in Thailand, still had umbilical cord attached

Following the incident, netizens felt compelled to reconsider pork consumption.

22 Nov 2024, 5:25 pm

Dog guards 81-year-old owner’s body after she falls into pond & dies in Thailand

The dog, Taohu, was inseparable from its owner, who raised it from puppyhood.

22 Nov 2024, 5:09 pm