DBS Bank's CEO Piyush Gupta Gets Rs 25 Cr Pay Cut Despite The Bank Making Profit. Here's Why
While the tech industry is witnessing turbulence, even the banking sector is becoming the eye of the storm. With pay cuts and layoffs becoming the new corrective measures, the working class is bearing the brunt.?
Singapore¡¯s largest bank, DBS group has hopped on to the bandwagon by slashing its CEO Piyush Gupta¡¯s remuneration, as per Bloomberg news. The company has cut 30 percent of his variable pay which amounted to 4.1 million Singapore dollars (Rs 25 crore approx)
It¡¯s even more shocking as DBS bank reported a two percent increase in net profit of S$2.39 billion in the quarter ending December 31.?
Why did the CEO get a pay cut even though the bank reported a 2% percent increase in net profit?
As per the report, the compensation cut was due to digital banking outages at the bank last year because of which it got a warning from the country¡¯s central bank, the Monetary Authority of Singapore (MAS).
Back in March 2023, DBS had faced a ten-hour digital services outage, which was strongly criticised by the MAS.
Who is Piyush Gupta?
For the unversed, India-born Piyush Gupta has been the CEO and director of DBS Group since 2009. He has led one of Singapore¡¯s most iconic and biggest institutions, DBS Bank for almost 15 years, which has played a key role in turning Singapore into one of the richest countries in the world.
He was named one of the world¡¯s top 100 best-performing chief executives in Harvard Business Review - 2019 edition of The CEO 100.
