DBS Group Holdings Ltd’s Indian-origin CEO Piyush Gupta took a 56 per cent pay hike in 2024 to earn S$17.6 million ($13.2 million), as per the bank’s annual report released on Thursday.
Gupta, the outgoing CEO of Singapore-based DBS Group Holdings, earned S$11.2 million in 2023 when he took a pay cut due to digital banking glitches.
This significant pay hike came in a year in which DBS reported record profits and strengthened its technology. His pay package also included a cash bonus of S$6.6 million.
On the top of his package, the company’s also approved a special recognition award of S$2.5 million for Piyush Gupta.
The 56% jump in Gupta’s paycheck makes him one of the highest-paid bankers in the world. Ahead of him is Standard Chartered Plc’s Bill Winters, who earned £10.7 million ($13.8 million) last year as his variable pay more than doubled.
Piyush Gupta’s legacy
“Our strong performance reflects the structural changes Piyush has implemented over the past decade,” Chairman Peter Seah said in the annual report of DBS Group.
He mentioned that under Gupta’s leadership, the bank’s digital transformation took flight, while high-return businesses like wealth management, transaction services and treasury customer sales performed better.
Piyush Gupta’s deputy Tan Su Shan has been appointed the new CEO, who will take charge of DBS Group Holdings from March 28.
According to a report by Bloomberg, DBS bank’s profit and share price soared during Gupta’s 15-year-long tenure. As per the publication, the stock of the company has delivered total returns of more than 400% since Gupta took charge in November 2009. In comparison, Singapore’s Straits Times index delivered a 128% return over the same period.
DBS’ senior management compensation rises
The total compensation for the senior management at DBS Bank increased to S$93.8 million. This was up from the 2023 amount, when they took responsibility for the digital disruptions.
The median pay increase for those who were members of the group management committee excluding Gupta increased more than 5 per cent from 2022 and about 11 per cent from 2023, Bloomberg reported.
(With inputs from Bloomberg)
