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Considering how Singapore is a prime target for scammers, it is disappointing that bank customers are being asked to choose between security and higher interest rates, says finance blogger Dawn Cher.
DBS Group Holdings Ltd. saw its net profit exceed $10 billion for 2023, surpassing its medium-term target. CEO Piyush Gupta's variable pay was cut by 30% due to last year's digital banking disruptions.
SINGAPORE: Mr Piyush Gupta, the DBS chief executive officer, had his variable pay cut by 30 per cent in 2023, as a result of the digital disruptions experienced by the bank's customers. This amounted to S$4.14 million (US$3.08 million), announced DBS on Wednesday (Feb 7) as part of its quarterly earnings s
DBS chief Piyush Gupta said the move to hold senior management accountable by cutting their variable pay is "a good element of governance".
DBS was also made 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.