hr.economictimes.indiatimes.com | www.ETHRWorld.com
Singapore: Singapore’s leading corporate group DBS on Wednesday said that it has cut Chief Executive Officer Piyush Gupta‘s variable pay by 30 per cent as a result of the digital disruptions experienced by the bank’s customers last year. This amounted to 4.14 million Singaporean dollars (USD 3.08 million), announced by DBS as part of its quarterly earnings statement.
“The Board determined that the variable compensation for the CEO and other members of the Group Management Committee should be cut to hold them accountable for the series of digital disruptions during the year (2023),” DBS said.
Singapore’s largest lender suffered a series of disruptions to its digital banking services last year, culminating in the Monetary Authority of Singapore (MAS) barring DBS from any acquisitions of new business ventures for six months.
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.
Gupta said on Wednesday that the bank’s senior management team has shown that it is taking responsibility for the series of service disruptions last year….
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