DBS Group Holdings, Singapore’s largest lender and the largest bank in Southeast Asia by assets, said it achieved a record performance on Wednesday. The bank’s full-year net profits rose 26% to 10.3 billion Singapore dollars ($7.63 billion), beating its target.
Despite the record results, its CEO is getting a pay cut—and the bank’s unreliable digital services are to blame.
DBS CEO Piyush Gupta took a 30% pay cut to his variable pay, equal to 4.14 million Singapore dollars ($3.08 million). Other members of the management committee took a 21% pay cut. DBS’s board determined that the pay cuts were needed to hold the CEO and…
