**Piyush Gupta Receives 56% Pay Increase in 2024, Earning S$17.6 Million**
Piyush Gupta, the Indian-origin CEO of DBS Group Holdings Ltd, received a substantial 56% salary increase in 2024, bringing his total earnings to S$17.6 million (approximately $13.2 million), according to the bank’s annual report released on Thursday. In 2023, Gupta’s compensation was S$11.2 million, which reflected a pay cut due to issues with digital banking.
This notable salary boost coincided with DBS reporting record profits and enhancing its technological capabilities. Gupta’s compensation package included a cash bonus of S$6.6 million, along with a special recognition award of S$2.5 million approved by the company. This increase positions Gupta among the highest-paid bankers globally, trailing only Bill Winters of Standard Chartered Plc, who earned £10.7 million ($13.8 million) last year, benefiting from a significant rise in variable pay.
Chairman Peter Seah highlighted Gupta’s legacy in the annual report, stating, “Our strong performance reflects the structural changes Piyush has implemented over the past decade.” Under Gupta’s leadership, the bank’s digital transformation accelerated, and high-return sectors such as wealth management, transaction services, and treasury customer sales thrived.
Tan Su Shan, Gupta’s deputy, has been appointed as the new CEO and will assume leadership of DBS Group Holdings starting March 28. Bloomberg reports that during Gupta’s 15-year tenure, DBS’s profits and share price have surged, with the company’s stock delivering total returns exceeding 400% since he took the helm in November 2009, compared to a 128% return for Singapore’s Straits Times index over the same period.
Additionally, the total compensation for DBS Bank’s senior management rose to S$93.8 million, an increase from the previous year when they faced challenges due to digital disruptions. The median pay for members of the group management committee, excluding Gupta, saw an increase of over 5% from 2022 and approximately 11% from 2023.
