DBS CEO Gupta’s total pay dropped 27% to US$8.3 million in 2023

SINGAPORE: Piyush Gupta, CEO of Singapore’s biggest bank DBS Group and really appropriate among the excellent-paid CEOs in the country, saw his entire compensation drop 27.3 per cent for 2023, in step with the lender’s annual insist printed on Wednesday (Mar 6).

Gupta’s entire compensation fell to S$11.2 million (US$8.34 million) in 2023 from S$15.4 million in 2022, the annual insist showed.

The decrease entire compensation adopted a lop in variable pay to take accountability for closing twelve months’s digital banking disruptions at DBS, at the same time as Southeast Asia’s largest lender posted a file 2023 profit with a return of equity of 18 per cent.

“Despite file 2023 profits and outperformance in many areas, the gaps in technology resiliency resulted in a decrease scorecard appraisal by the Board in contrast to the earlier twelve months,” the bank acknowledged in its annual insist.

DBS added that its falling short in technology resiliency and the following influence on customers and franchises “had been taken into fable when figuring out the scorecard performance of each the Group and the CEO”.