DBS cuts executive salaries due to banking outage; Announces record profits in 2023

DBS cuts executive salaries due to banking outage;  Announces record profits in 2023

DBS Group Holdings suffered an outage in its digital services on March 29, 2023.

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SINGAPORE – DBS Group reported record full-year profits in 2023, but cut variable compensation for its senior management to “hold them accountable” for a number of digital disruptions that year.

The bank said CEO Piyush Gupta took a bigger cut, and his variable salary was reduced by 30%, amounting to S$4.14 million ($3.08 million).

(Tags for translation)Singapore

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