"DBS Group achieved record-breaking profits in 2024, and its CEO, Piyush Gupta, saw a significant boost in earnings, receiving a total of $17.6 millio
“DBS Group achieved record-breaking profits in 2024, and its CEO, Piyush Gupta, saw a significant boost in earnings, receiving a total of $17.6 million in compensation, reports confirmed on Thursday (March 6).
His remuneration package included a $6.6 million cash bonus and an additional $2.5 million in special recognition, positioning him among the highest-paid finance industry executives last year.
Under Mr Gupta’s 15-year leadership, DBS expanded significantly across China, India, Indonesia, and Taiwan, establishing itself as the largest lender in Southeast Asia by assets. With his departure scheduled for the end of the month, Deputy CEO Tan Su Shan will assume the role of CEO.
In total, DBS’ senior management, including Mr Gupta, earned $93.8 million in compensation.
“Our strong results reflect the structural changes implemented under Piyush’s leadership, particularly in digital transformation and the expansion of high-ROE businesses like wealth management, transaction services, and treasury customer sales,” chairman Peter Seah stated in DBS’ annual report released on March 6.
Mr Gupta’s latest compensation package marks a sharp contrast to 2023, when he took a 30 per cent variable pay reduction, forfeiting $4.14 million due to multiple digital banking disruptions. His 2024 earnings represented a 57 per cent increase from the previous year.
The bank’s incoming CEO, Ms Tan, acknowledged DBS’ strong momentum, with its stock surging last month following forecasts of improved net interest income for 2025.
DBS reported a net income of $11.4 billion last year, marking an 11 per cent increase from the previous year and the highest in the bank’s history. The financial institution described 2024 as “another banner year.”
“While challenges lie ahead, so do opportunities. The strategic advantages we have built ensure our success is difficult to replicate, and our business continues to gain momentum,” Ms Tan was quoted by Reuters.
Despite its financial success, DBS announced last month that it may cut 4,000 temporary and contract jobs over the next three years due to the growing role of artificial intelligence (AI) in automating tasks.
Mr Gupta noted that, for the first time during his tenure, he is facing difficulties in job creation, though the bank plans to introduce 1,000 new AI-related positions.”
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