DBS CEO Piyush Gupta's Pay Rises 56% in 2024

Piyush Gupta, the outgoing CEO of DBS Group, received a significant pay increase in 2024, totaling SGD 17.58 million, driven by the bank's record performance. This marks a 56% rise from his 2023 compensation, which was reduced due to digital disruptions. The bank reported an 11% increase in net profit to SGD 11.4 billion, with a return on equity of 18%, contributing to Gupta's higher remuneration. His 2024 package included a deferred award of SGD 9.36 million, a cash bonus of SGD 6.65 million, and a special recognition award of SGD 2.5 million. Gupta plans to retire this month after a 15-year tenure, during which he navigated the bank through challenges like the global financial crisis. As he departs, DBS plans to cut 4,000 contract and temporary jobs over the next three years, adapting to increased automation and AI integration.