DBS cuts bonus of CEO, senior managers after profit decline

Bonus cut: A DBS Bank branch in Singapore. The bank slashed its CEO’s bonus by 27%, resulting in a 24% decline in his overall compensation to S$9.2mil (US$6.8mil) for the 2020 performance year. — Bloomberg

SINGAPORE: DBS Holdings Group Ltd cut chief executive officer Piyush Gupta’s total 2020 compensation by 24% after South-East Asia’s largest lender posted its first annual drop in profit for four years.

The bank slashed Gupta’s bonus by 27%, resulting in a 24% decline in his overall compensation to S$9.2mil (US$6.8mil or RM27.86mil) for the 2020 performance year, down from S$12.1mil a year earlier, DBS said in its annual report.