DBS CEO Piyush Gupta takes S$4.14m variable pay cut for tech disruptions

The group management committee’s compensation was reduced by 21%.

Piyush Gupta is taking a 30% cut in his variable compensation– equal to S$4.14m in total– in relation to tech disruptions experienced by DBS in 2023.

Overall, variable compensation for DBS’ group management committee was reduced by 21% for the full year of 2023, despite reporting a record S$15b in profits.

In its financial statement, DBS said that the board made the decision to “hold [the committee] accountable for the series of digital disruptions during the year.”

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Apart from this, DBS is also allotting S$80m for its technology uplift and resilience roadmap. This will reportedly enable the bank to better pre-empt disruptions to its services, provide customers with alternate channels for payments and account enquiries during disruptions, and shorten incident recovery time. 

“Going forward, the bank will continue with its investments to sustain efforts to provide reliable services to customers,” DBS said in a press release.