DBS Cuts CEO’s Pay Package in Record Year Hit by Glitches

Piyush Gupta got total compensation of $8.3 million for 2023
Singapore’s biggest lender had posted record full-year profit

Piyush Gupta
Photographer: Suhaimi Abdullah/Bloomberg

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By Chanyaporn Chanjaroen

March 6, 2024 at 12:49 AM UTC

Updated on

March 6, 2024 at 1:57 AM UTC

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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%.