Priya PatelSingapore’s largest bank DBS has cut its CEO’s bonus by 30% following disruptions to its digital services, despite recording record profits. The bank’s CEO Piyush Gupta will see a reduction in his variable pay of S$4.14 million ($3.1 million) with his full salary for 2023 to be disclosed in March. Other members of the management team will also have their variable pay cut by 21%. The cuts come after several outages last year, which led to the country’s central bank banning DBS from purchasing new businesses or making non-essential IT changes for six months.
Despite the disruptions, DBS posted annual record earnings, with its net profit for 2023 increasing by 26% to S$10.3 billion. The bank’s shares rose by around 2.7% following the earnings announcement. DBS’ CEO has been in his role since November 2009 and has overseen the bank’s growth in India, Taiwan, and mainland China, as well as the expansion of its wealth management business, which is now one of the largest in Asia.
