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DBS Group CEO Piyush Gupta takes pay cut of 27% amid record profits

DBS’ latest annual report reveals CEO Piyush Gupta’s pay being cut to S$11.2m in 2023, down 27.3%, despite record S$20.2bn income and S$10.3bn net profit, following digital disruptions in 2023.

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Piyush Gupta, the Chief Executive Officer of DBS Group Holdings, Singapore’s premier banking institution, has received a reduced total compensation for the year 2023, according to the bank’s annual report released on Wednesday.

The bank’s annual report revealed that despite achieving a record total income of S$20.2 billion — surpassing the S$20 billion mark for the first time — and a net profit increase of 26% to S$10.3 billion, Gupta’s total compensation was reduced by 27.3% to S$11.2 million (US$8.35 million) from S$15.4 million in 2022.

The reduction comes after a 30% cut in Gupta’s variable pay, reflecting the bank’s approach to accountability following several incidents of digital banking disruptions last year.

The annual report stated, “Despite record 2023 profits and outperformance in many areas, the gaps in technology resiliency resulted in a lower scorecard appraisal by the Board compared to the previous year.”

The reduction in Gupta’s variable pay, along with pay cuts for other members of the group management committee, was announced last year during the briefing of the fourth quarter 2023 results on 7 February, in response to a series of digital disruptions throughout the year that impacted the bank’s customers.

Gupta, addressing the pay cut, highlighted the governance aspect, stating, “We announced that we’re taking accountability at the senior management, starting with me, but also the rest of my senior management team. I think that’s a good element of governance. If you can establish accountability and figure that people take responsibility for making fixes, that’s a good place to start. We’ve been able to demonstrate that and that’s obviously despite a record profit year.”

DBS faced multiple service interruptions in 2023, including a service disruption on 29 March, during which customers were unable to use digital banking services for over 12 hours, a 6½-hour outage on 5 May due to human error, a 12-hour disruption in March from software bugs, significant outages on 14 October affecting online banking and ATM withdrawals, and a brief disruption on 20 October caused by a cooling issue at a data centre.

These incidents led the Monetary Authority of Singapore (MAS) to impose strict operational restrictions on DBS. These included a six-month suspension on new business acquisitions, a pause in non-essential IT changes, and a requirement to maintain the current size of the bank’s branch and ATM network in Singapore.

DBS has also earlier committed S$80 million to its technology uplift and resilience roadmap. This investment is intended to pre-empt service disruptions, provide alternate channels during outages, and reduce incident recovery times.

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No tru blu SG can do this job?
Need to get an ex FT from CECA land?
SGov is a total FAIL.

Last edited 1 month ago by Laughable

You mean we need a FT to head a Temasek bank and may also one day that sink the bank itself? Why we have so many outages and still keep on recurring?

Just another papee sanctioned “wayang” to fool “birdbrain” sinkies.

any more disruptions? tsk tsk tsk

I guess this reverse the trend where ,if a top executive at DBS would to cock up so badly ,he not only COULD RETAIN HIS JOB but any pay cut he suffer is but…..negligible if it was already in the many millions anyway!😆😆😆😆🤣🤣🤣🤣

Politicians make mistakes because of no blame culture EXCLUSIVE patent, even when they indirectly kill.
Others – bloody hard luck, bad luck.
But this Culture is only exclusive to Sheepland.

Peanuts for Ah Neh lah.

Banks has been profiting on people and people suffering had been ignored. Bankers has make very huge fortune from people, making people suffer.

I don’t mind a 27% cut cause I am collecting

$11 million or almost $1million a month!

We are sure that the engineer at headquarters draw much more than this, correct or not?

PG , showing how to check ownself. How about our PAP Ministers? Anyone taking a 27% pay cut for allowing prices to run so high, money laundering, increased crime including scams etc?

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