Thu Mar 06 08:44:37 UTC 2025: ## DBS CEO Piyush Gupta Receives $17.6 Million Payout Before Retirement

**Singapore, March 7, 2025** – Outgoing DBS Group CEO Piyush Gupta received a total remuneration of SGD 17.58 million (approximately USD 12.8 million) for 2024, the bank announced in its annual report released Thursday. This follows a 27% pay cut in 2023 in response to digital disruptions, and represents a 14% increase compared to his 2022 compensation. The significant increase reflects the bank’s record-breaking performance in 2024, with a 11% rise in net profit to SGD 11.4 billion and a return on equity (ROE) of 18%. The bulk of Gupta’s 2024 package, SGD 9.36 million, came from a deferred award primarily in shares.

Mr. Gupta, who is retiring after 15 years at the helm of Singapore’s largest bank, oversaw a period of significant growth and digital transformation. DBS’s market capitalization quadrupled from SGD 35 billion in 2009 to SGD 124 billion in 2024, and its ROE more than doubled. Total shareholder returns for 2024 hit a record 51%. Under Gupta’s leadership, the bank also successfully navigated the challenges posed by fintech competition, implementing a comprehensive digital transformation that included a revamp of its technological architecture and customer interfaces.

Despite announcing plans earlier this year to cut 4,000 contract and temporary staff over the next three years due to AI integration, the bank’s workforce grew significantly to 41,000 employees in 2024 from 14,000 in 2009. Gupta’s successor, Tan Su Shan, the current deputy CEO, expressed confidence in the bank’s continued success, highlighting its strong competitive position. DBS shares rose 1.359% on Thursday following the release of the annual report.

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