DBS Bank: 27%salary of CEO Piyush Gupta deducted for technical glitches in 2023, the bank paid this much money
DBS Bank: The Singapore-based bank announced in February that its CEO's and other group management committee members' pay will be reduced until 2023. They have been held responsible for several of the last year's digital disruptions.
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Due to numerous instances of technical difficulties, Piyush Gupta, the CEO of DBS Bank, who is of Indian descent, had his salary cut by 27% to S$11.2 million (roughly Rs 69 crore) last year. This information can be found in the bank's annual report. Gupta was paid a Singapore Dollar 15.4 million in 2022.
The Singapore-based bank said in February that compensation for its CEO and other members of the group management committee was being cut through 2023. They have been held accountable for a series of digital disruptions that occurred last year.
This pay cut was made despite the bank's record 2023 profits and outperformance in many areas. 2023 The bank set a record and its total income crossed the Singapore $20 billion mark for the first time. The bank's net profit reached Singapore dollars 10.3 billion and the return on equity reached a new high of 18 percent.
Gupta, who hails from Singapore, was not alone in taking a pay cut. DBS said in the report that the total variable pay of senior management, including the CEO, has been cut by 21 per cent to reflect management's responsiveness to digital disruption.
