DBS cuts CEO Piyush Gupta’s package in record year marred by glitches

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 37.5%.

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.