Indian origin Piyush Gupta is leaving his post this month as Chief Executive Officer (CEO) of Singapore’s largest regional bank DBS Group. You will be surprised to know that Piyush Gupta received a total salary of 17.58 million SGDs (Singapore Dollars) in 2024. This salary in Indian currency is Rs 1,14,94,17,135 today. According to PTI news, DBS said that Gupta’s salary figures have come in mind the performance scorecard and in 2023, after a deduction made in response to the senior management in response to taking accountability for digital disruption. Piyush Gupta joined DBS in November 2009.
Bank performed records in 2024
According to the news, according to the annual report of the bank released on Thursday, this happened when the bank achieved a record performance in 2024, as the net profit of the whole year increased by 11 percent to 11.4 billion Singapore dollars (SGD), with a return (ROE) on equity 18 percent. The DBS said in the report that the bank’s excellent all-round performance as well as its better technology flexibility as a result of the previous year was evaluated by the board.
Salary was reduced in the year 2023
The report said that in the year 2023, Gupta’s salary was reduced by 27 percent to 11.2 million Singapore dollars. Compared to 15.4 million Singapore dollars of 2022, his salary of 2024 increased by 14 percent. The major part of his 2024 package came from 9.36 million Singapore Dollar Delayed Award, which was to be paid in most shares. The remaining amount was made up of 80,533 Singapore dollars, including 6.65 million Singapore dollar cash bonus, 1.5 million Singapore dollar and club, car and driver benefits.
4,000 agreements and temporary staff cut plans
In February last, Gupta said that the bank plans to cut 4,000 agreements and temporary employees in the next three years as artificial intelligence (AI) is rapidly replacing humans. One was quoted Gupta that we have to adopt the possibilities completely, which leads to a fundamental reconsideration of our operation model and even new commercial models are built. Considering his career, Gupta said that in less than a month, I will retire after holding the top post of DBS for 15 years.
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