DBS Bank says it deducted 27 per cent salary of its CEO Piyush Gupta for tech glitches in 2023

The salary of DBS Bank’s Indian origin chief executive Piyush Gupta was cut by a hefty 27 per cent to SGD 11.2 million (about Rs 69 crore) last year for various incidents of technical glitches, the bank said in its annual report.

The Singapore-based bank had, in February, said that the 2023 variable compensation for its CEO and other members of the group management committee has been cut, holding them accountable for the series of digital disruptions that took place last year.

“While the bank fared well against most priorities on its balanced scorecard, it fell short in technology resiliency. This and the resultant impact on customers and the franchise were taken into account when determining the scorecard performance of both the Group and the CEO,” The Straits Times quoted from the bank’s latest annual report.

This pay cut was taken despite the bank’s record 2023 profits and outperformance in many areas, it added.

In 2023, the bank had a record year, with total income crossing the SGD 20 billion mark for the first time. Net profit reached SGD 10.3 billion and return on equity hit 18 per cent, which marked new highs.