DBS Group Holdings Ltd slashed Chief Executive Officer Piyush Gupta’s compensation by S$4.1 million ($3 million) after the lender suffered a series of digital banking outages last year and was reprimanded by the central bank.
The pay cut, announced on Wednesday alongside DBS earnings, represents a 30% reduction in variable pay for Gupta, one of the highest paid executives in the country who earned S$15.4 million in total in 2022. Last year’s outages that saw payment and ATM transactions stalled across the city-state also resulted in the variable compensation for the group management committee collectively cut by 21% from a year earlier.
