DBS chief Piyush Gupta takes 30% variable pay cut over banking outages
He is still expected to take home over S$11 million amid bank’s ‘blowout’ FY2023 performance
SINGAPORE’S largest bank DBS is cutting the variable pay of its management committee, including chief executive Piyush Gupta, as its members take accountability for the bank’s digital disruptions in 2023.
Variable pay of the group management committee is collectively reduced by 21 per cent, while Gupta will take a deeper cut of 30 per cent, the bank said in its fourth-quarter results release on Wednesday (Feb 7).
This means that Gupta’s variable pay for 2023 will be slashed by S$4.14 million to S$9.66 million.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Prudential shutters Hong Kong wealth unit Pulse
Singapore has to be realistic on global trends plaguing its stock market: DPM Wong
Google DeepMind unveils next generation of drug discovery AI model
AEM Holdings Q1 net profit tumbles 85% to S$2.4 million
World’s biggest tea buyer Lipton’s sale of last farms is a strategy shift
JPMorgan, Nomura limit Segantii exposure on Hong Kong case