Indian-origin Piyush Gupta received a total compensation of SGD 17.58 million for 2024 as the chief executive of DBS Group, Singapore’s largest regional bank. He is set to step down this month. 1 SGD is equal to 65.36 rupees.
DBS stated that his remuneration was determined based on the bank’s performance scorecard and a return to normal compensation levels after a pay cut in 2023, which was imposed as senior management took responsibility for digital disruptions.
The bank reported a record performance in 2024, with net profit rising 11% to SGD 11.4 billion and return on equity (ROE) reaching 18%, according to its annual report released on Thursday.
“The bank’s stellar all-round performance, along with improved technology resiliency, led to a higher scorecard appraisal by the board compared to the previous year,” DBS stated.
Gupta’s 2023 pay had been reduced by 27% to SGD 11.2 million. His 2024 earnings reflect a 14% increase compared to the SGD 15.4 million he received in 2022.
His 2024 package primarily consisted of a deferred award of SGD 9.36 million, mostly in shares. Additionally, he received a cash bonus of SGD 6.65 million, a base salary of SGD 1.5 million, and other benefits worth SGD 80,533, including club, car, and driver allowances.
AI-Driven Workforce Reduction
In February, Gupta announced that DBS plans to cut 4,000 contract and temporary positions over the next three years as artificial intelligence (AI) increasingly automates tasks.
“We must fully embrace AI’s potential, which will drive a fundamental rethink of our operating models and even create new business models,” The Straits Times quoted Gupta as saying.
Reflecting on His Legacy
As he prepares to retire, Gupta shared: “In less than a month, I will step down from DBS after 15 years at the helm. This has been the most fulfilling phase of my career.”
He joined DBS in November 2009 during the global financial crisis and later navigated the bank through competition from fintech firms by leveraging technology.
On DBS’ successful digital transformation, Gupta emphasized that the bank revamped everything—from backend technology to customer-facing interfaces. It also shifted from a product-based approach to customer journey-focused strategies, fostered a culture of innovation, and implemented systems to track progress.
Leadership Transition and Future Outlook
Gupta will officially pass the leadership to Tan Su Shan, currently deputy CEO and group head of institutional banking, at the bank’s annual general meeting on March 28, 2025.
Tan highlighted how the last 15 years have shaped DBS into a high-performing institution, with its 2024 ROE among the highest of developed market banks. While challenges remain, she sees significant opportunities ahead.
“DBS has built strong competitive advantages and is well-positioned to sustain healthy shareholder returns and outperform peers,” she added.
DBS’ Growth Under Gupta
- Market Capitalization: Quadrupled from SGD 35 billion in 2009 to SGD 124 billion in 2024. DBS became Singapore’s first listed company to exceed SGD 100 billion in market value in May 2024.
- ROE: More than doubled from 8.4% in 2009 to 18% in 2024.
- Shareholder Returns (2024): Totaled 51%, the highest outside crisis-recovery years, with a 44% share price gain and a 7% dividend return.
- Consumer Banking Growth: Expanded from 4.9 million customers in 2009 to 18.4 million in 2024 through organic growth, acquisitions, and partnerships.
- Workforce Expansion: Grew from 14,000 employees in 2009 to 41,000 in 2024.
DBS continues to strengthen its presence across Asian markets and operates a wholly-owned subsidiary in India.
