Singapore’s biggest bank DBS has slashed its CEO’s bonus by 30% after disruptions to its digital services, despite it posting a record profit.
The company said the cut to Piyush Gupta’s variable pay amounts to S$4.14m ($3.1m; £2.4m) and that his full salary for 2023 will be disclosed in March.
In 2022 Mr Gupta was paid S$15.4m.
In 2022 Mr Gupta was paid S$15.4m.
The outages saw digital payment services and cash machines go offline across the city-state.
At the time, DBS apologised and announced plans to improve the resiliency of its systems.
In its latest statement, the bank said other members of its management team will have their variable pay cut by 21%, while more junior employees will get a one-off bonus to help them with higher living costs.
DBS’ variable pay is made of both a cash bonus and deferred shares. It comes on top of base pay and is usually based on an employee’s performance.
The cuts to the pay of senior DBS executives comes despite the bank posting annual record earnings, with its 2023 net profit rising by 26% to S$10.3bn.
Singapore’s biggest bank DBS has slashed its CEO’s bonus by 30% after disruptions to its digital services, despite it posting a record profit.
In 2022 Mr Gupta was paid S$15.4m.
The company said the cut to Piyush Gupta’s variable pay amounts to S$4.14m ($3.1m; £2.4m) and that his full salary for 2023 will be disclosed in March.
The outages saw digital payment services and cash machines go offline across the city-state.
In 2022 Mr Gupta was paid S$15.4m.
In 2022 Mr Gupta was paid S$15.4m.
The outages saw digital payment services and cash machines go offline across the city-state.
At the time, DBS apologised and announced plans to improve the resiliency of its systems.
In its latest statement, the bank said other members of its management team will have their variable pay cut by 21%, while more junior employees will get a one-off bonus to help them with higher living costs.
DBS’ variable pay is made of both a cash bonus and deferred shares. It comes on top of base pay and is usually based on an employee’s performance.
The cuts to the pay of senior DBS executives comes despite the bank posting annual record earnings, with its 2023 net profit rising by 26% to S$10.3bn.
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