DBS Group Holdings CEO Piyush Gupta noticed his 2023 income fell to S$11.2 million. This fell 27% from S$15.4 million in 2022. The decrease resulted from DBS’s 2023 digital service interruptions. Gupta’s varying compensation thus suffered a 30% decrease, a reflection of the bank’s dedication to responsibility.
| Details | Information |
|---|---|
| Name | Piyush Gupta |
| Position | CEO, DBS Group Holdings |
| Total Salary in 2023 | S$11.2 million |
| Base Salary | S$1.5 million |
| Cash Bonus | S$4.1 million |
| Deferred Compensation | S$5.6 million |
| Variable Pay Reduction | 30% |
| Benefits | S$72,992 (club, car, driver) |
Gupta’s S$1.5 million base pay remained same, demonstrating DBS’s support of his consistent leadership. His financial incentive, which was S$5.8 million, dropped to S$4.1 million nonetheless. Besides, his postponed pay reduced from S$8 million in 2022 to S$5.6 million in 2023.
The cutback was a reflection of DBS‘s attempts to own responsibility after disturbances. Stabilizing digital services required the bank to spend S$25 million from a S$80 million allocated budget DBS Board and Gupta agreed on lower variable pay in line with the bank’s dedication to regain client confidence.
Gupta’s compensation included non-cash incentives of roughly S$72,992 including driver services, company car, and membership privileges. These advantages coincide with high-level rewards offered to top officials of different banks. Still among the top in Asia’s banking industry, Gupta’s salary overall is still one.
With a little 3% decline in its fourth-quarter earnings in 2023, closing at S$2.27 billion, DBS’s financial situation showed resiliency. To keep capital returns, the bank announced a bonus issue of shares and increased its regular dividend pay-off to investors.
Under Gupta’s direction, DBS stays competitive in the banking sector in the region. Although the compensation cut shows DBS’s responsibility, market reactions to DBS’s financial plans were steady since analysts noted the proactive response to digital issues.
Emphasizing digital infrastructure, the bank is also getting ready for 2024. Gupta’s importance in this approach is evident since DBS wants to keep growing in Asia and safeguard consumer confidence in its offerings. Most likely, his leadership will continue to center digital innovation.
Among bank CEOs from Southeast Asia, Gupta’s wage cut in 2023 stands among the most remarkable ones. Still, his general pay stays competitive. Being among the top bankers in Asia, his compensation plan reflects the responsibilities and successes of running DBS’s large network.
FAQs
- What is Piyush Gupta’s current salary?
Piyush Gupta’s total compensation for 2023 was S$11.2 million. - Why did Gupta receive a salary cut in 2023?
His pay cut resulted from digital service disruptions at DBS. - What is the base salary of Piyush Gupta?
His base salary remains at S$1.5 million. - What was the impact of the pay cut on his variable pay?
His variable pay was reduced by 30%, affecting his cash bonus and deferred remuneration. - How does Gupta’s salary compare within the banking industry?
Gupta’s salary is among the highest for CEOs in Southeast Asia’s banking sector.