SINGAPORE: As DBS Group made record profits in 2024, its outgoing CEO, Piyush Gupta, earned more, too, receiving a salary of $17.6 million for the year, reports said on Thursday (March 6).
His cash bonus for the year was a cool $6.6 million, and the DBS board also gave him a special recognition award of $2.5 million, making him one of the best-paid chief executives in the finance industry in 2024.
DBS became a powerhouse across the region during the 15 years that Mr Gupta held the reins, gaining strength in China, India, Indonesia and Taiwan, among other markets. It is now Southeast Asia’s largest lender by assets. Mr Gupta is set to leave DBS by the end of this month, and Tan Su Shan, the Deputy CEO, will step into his role.
All in all, DBS’ senior management, including the outgoing CEO, took home $93.8 million in total compensation.
“Our strong performance reflects the structural changes Piyush has implemented over the past decade, especially the digital transformation and growth of high-ROE businesses such as wealth management, transaction services and treasury customer sales,” chairman Peter Seah said in DBS’ annual report, published on March 6.
Mr Gupta’s hefty annual salary is quite a turnaround for him after he took a 30 per cent variable pay cut, foregoing $4.14 million, in 2023 due to a series of disruptions to DBS’ digital banking services. His salary for 2024 was 57 per cent higher than the previous year.
Ms Tan, the incoming CEO, noted that the bank has “momentum”. Last month, DBS stock saw a substantial uptick after its forecast of improved net interest income for this year.
DBS’ net income last year was $11.4 billion, the highest amount in the bank’s history and 11 per cent higher than the year before, leading it to describe 2024 as “another banner year.”
“While there are challenges ahead, opportunities abound. The strategic moats we have built mean our successes are not easy to replicate and there is momentum in our business,” Reuters quoted Ms Tan as saying.
DBS made the news late last month when it announced that it may cut 4,000 contract and temporary jobs over the next three years as artificial intelligence (AI) takes over tasks from humans.
Mr Gupta noted that this is the first time in his years as CEO that he’s “struggling to create jobs,” though he had said that 1,000 new positions will be added in AI. /TISG
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