Yahoo Finance DBS cuts CEO’s pay package in record year hit by glitches
By Chanyaporn Chanjaroen
(Bloomberg) — DBS Group Holdings Ltd. cut Chief Executive Officer Piyush Gupta’s variable pay components in a year which saw disruptions in the bank’s digital services rub some shine off its record profit.
Gupta, one of the highest-paid banking bosses in Asia, received a total compensation of S$11.2 million ($8.3 million) for 2023, down from S$15.4 million a year ago, Singapore’s largest lender said in its annual report published Wednesday. That brought his total pay lower by 27%.
The cut came despite DBS notching an 18% return-on-equity, among the highest for banks in Asia’s developed markets, according to data tracked by Bloomberg News. The higher returns came as the lender’s record profit exceeded S$10 billion.
“Despite record 2023 profits and outperformance in many years, the gaps in technology resiliency resulted in a lower scorecard appraisal by the Board compared to the previous year,” the bank said in the report.
Gupta’s retention pay, which is not included in the total compensation, dropped to S$832,650 from S$1.21 million in the preceding year.
Meanwhile, overall compensation for the bank’s senior management excluding Gupta dropped to S$63.5 million from S$73.8 million to reflect their accountability for the digital disruptions.
©2024 Bloomberg L.P.
