DBS, Singapore’s leading corporate group, has cut CEO Piyush Gupta’s variable pay by 30% as a result of the digital disruptions experienced by the bank’s customers in 2023. The CEO and other members of the management committee took a 21% reduction in their variable pay. DBS suffered disruptions to its digital banking services, leading to regulatory actions.
DBS Group CEO Piyush Gupta is positive about India’s economy and plans to triple the bank’s business in the country. He acknowledges the challenges in China’s economy but sees growth prospects in sectors like electric vehicles. DBS also aims to increase its stake in Shenzhen Rural Commercial Bank. Gupta highlights the strong performance of DBS’s wealth management business and Singapore’s status as a financial safe-haven. Singapore banks’ earnings have been boosted by inflows and higher interest rates globally.
DBS Group Chief Executive Piyush Gupta remains optimistic about India’s economy and the bank’s expansion plans in the country. While acknowledging the challenges in China, Gupta expressed confidence in the long-term prospects in India. DBS aims to triple its India business in the next three to five years, reaching revenues of $1.3 billion to $1.5 billion. Additionally, Gupta mentioned Indonesia as a potential market for greater capital allocation. DBS’s wealth management business has experienced recent inflows from Asia, Middle East, and Europe, and Gupta believes net inflows will continue to be strong.
