Singapore's largest bank DBS has taken major action against its CEO. Due to continuous disruption in digital services, the bank has made a huge cut in the salary of the CEO in the recent past. Along with the CEO, the bank has also cut the salaries of other top management executives.
Loss of Rs 25 crore in Indian rupees
According to a Bloomberg report, DBS Group Piyush Gupta, CEO of DBS Group Holdings Ltd, has suffered a huge loss in overall compensation. The bank has reduced his compensation by 4.1 million Singapore dollars i.e. 3 million US dollars. This reduction in the Indian amount comes to about Rs 25 crore.
95 crore were received in 2022
DBS is the largest bank of Singapore, which is counted among the major banks of the world. She goes. DBS CEO Piyush Gupta has been one of the highest paid executives. He was paid 15.4 million Singapore dollars (Rs 95 crore) as compensation by DBS Bank in 2022.
So much loss to top executives
DBS Bank on Wednesday Quarterly results announced. Along with this, the bank also informed about reduction in the payment of top executives including the CEO. According to the information given by the bank, the variable pay of CEO Gupta has been reduced by about 30 percent. At the same time, the compensation of all top management executives has been collectively reduced by 21 percent.
These problems came last year
Actually, last year was not good for DBS Bank. Was. During the year 2023, Singapore's largest bank had to face the problem of interruption in digital banking services several times. On some occasions, not only the digital payments of DBS Bank were stopped, but the ATM services of the bank were also disrupted. After that, the Central Bank of Singapore had also pulled up DBS Bank. DBS Bank has cut the overall compensation including salary for the same reason.
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