Breaking news: Temasek and DBS issues statement that CEO Piyush Gupta's job is safe

[steffychun]

View attachment 209397We welcome all talents in SG de woh

Did he mean to give the middle finger?

 

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No.
He either meant to say his kukujiao is so small, cannot stand up to PAP government, or
His President salary is peanuts, at least compared with DBS CEO Piyush Gupta.

 

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DBS chief Piyush Gupta’s 2024 pay rises to $17.6 million after bank’s record earnings​

Compared to 2022, Mr Gupta’s 2024 pay was 14 per cent higher than that year’s $15.4 million package.ST PHOTO: LIM YAOHUI
Sheila Chiang
Mar 06, 2025

SINGAPORE - Outgoing DBS chief executive Piyush Gupta received $17.58 million in total pay for 2024, higher than what he took home in 2023, according to the bank’s annual report released on March 6.

This comes as the bank achieved a record performance in 2024 as full-year net profit rose 11 per cent to $11.4 billion, with return on equity at 18 per cent.

“The bank’s stellar all-round performance, as well as its improved technology resiliency, resulted in a higher scorecard appraisal by the Board compared to the previous year,” DBS said in the report.

DBS said Mr Gupta’s higher remuneration came about after factoring in the scorecard performance and a normalisation in compensation following a reduction taken in 2023 in response to senior management taking accountability for the digital disruptions.

This saw Mr Gupta’s pay in 2023 fall 27 per cent to $11.2 million.

Compared to 2022, his 2024 pay was up 14 per cent from that year’s $15.4 million.

The bulk of his 2024 pay package came from a deferred award of $9.36 million, to be paid mostly in shares. A cash bonus of $6.65 million, a base salary of $1.5 million and other payments of $80,533 made up the rest.

In February, Mr Gupta said the bank was planning to cut 4,000 contract and temporary staff over the next three years as artificial intelligence increasingly replaces humans.

“We have to fully embrace the possibilities, which should lead to a fundamental rethink of our operating models and even the creation of new business models,” Mr Gupta said on March 6.

Mr Gupta is set to pass the baton to Ms Tan Su Shan, currently deputy CEO and group head of institutional banking, when he retires at the next annual general meeting on March 28, 2025.

In the annual report, DBS chairman Peter Seah said Ms Tan has been pivotal in developing major digitalisation initiatives such as DBS digibank, PayLah! and iWealth. She drove the development of a number of AI models and spearheaded efforts to apply generative AI within the bank, he said.

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DBS investigating cause of overnight disruption to digital banking, ATM services​

People use DBS automated teller machines (ATMs) in Singapore on Mar 31, 2022. (File photo: REUTERS/Caroline Chia)

8 Mar 2025

SINGAPORE: DBS services, including mobile banking, ATMs and NETS, have been restored after an overnight disruption on Saturday (Mar 8).

According to outage tracking site, Downdetector.com, complaints spiked just after midnight and continued past 9am.

DBS acknowledged the issues accessing digital services in a Facebook post at about 2.30am, adding that customers can continue to make payments using DBS or POSB cards or perform transactions via ATMs.

The bank said in an update that banking services, including ATMs and NETS, would not be available until 5am.

“We seek your patience while we actively work to resolve the issue. Customers can however continue to make payments via DBS/POSB debit and credit cards,” DBS said at about 3.50am.

It later added that services, including mobile and online banking, digital wallet PayLah!, DBS mTrading and ATMs, returned to normal as at 5.48am.

“We appreciate our customers’ patience and are sorry for the inconvenience caused,” the bank said on Facebook.

However, customers continued to experience outages.

“What time already? Still down,” said a Nick Lim on DBS’ Facebook page at about 9.30am. Another user posted a screenshot at about 8.20am showing that the bank’s website was “unavailable”.

In response to CNA's questions about the duration and cause of the disruption, a DBS spokesperson said: “All services returned to normal as at 5.48am on Mar 8, 2025.”

It added that it is investigating the cause of the incident.

“Our monitoring systems detected that our customers faced difficulties accessing our banking services, including ATMs and NETS. Our teams immediately worked to resolve the issue with utmost priority,” said the spokesperson.

DBS, Singapore’s largest lender, was hit by a string of disruptions to its digital banking services in 2023, prompting the Monetary Authority of Singapore (MAS) to bar the bank from any acquisitions of new business ventures for six months.

The bank was also required to pause non-essential IT changes for six months and was not allowed to reduce the size of its branch and ATM networks in Singapore.

DBS said in November 2023 that it had set aside a special budget of S$80 million to enhance its technology and system resiliency.

The bank’s senior management, including CEO Piyush Gupta, also took cuts to their variable pay to take responsibility for the series of service disruptions in 2023.

 

[OYK]

DBS CEO Piyush Gupta is the latest poster child of utter ineptitude

https://urlr.me/repN3Q

 

[True Believer]

 

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