Why Singapore's biggest bank has cut CEO's pay by millions
DBS Group Holdings reduced CEO Piyush Gupta's compensation by $3M after digital banking outages and a reprimand from the central bank. The pay cut represents a 30% reduction in variable pay. Despite the pay cut, DBS reported record net profit of over $10B and proposed a bonus share issue. Under Gupta’s leadership since November 2009, DBS has expanded operations in India, Taiwan, and mainland China through acquisitions and organic growth.
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