DBS outgoing CEO gets US$13 million in ‘another banner year’
The pay makes Gupta one of Asia’s highest-paid bankers, behind Standard Chartered boss Bill Winters who earned US$13.8 million last year

DBS Group Holdings increased CEO Piyush Gupta’s total pay by 56 per cent for 2024, a year in which the Singapore-based bank reported record profits and strengthened its technology.
Gupta earned S$17.6 million (US$13.2 million) last year, up from S$11.2 million in 2023 when he took a pay cut due to digital banking glitches, according to the bank’s annual report released on Thursday. On top of this package, which included a cash bonus of S$6.6 million, DBS’s board also granted him a special recognition award of S$2.5 million.
The pay cements Gupta as one of Asia’s highest-paid bankers. Standard Chartered boss Bill Winters earned £10.7 million (US$13.8 million) last year after his variable pay more than doubled.
The hefty payout for Gupta reflects his achievement during his 15-year tenure, during which the bank’s profit and share price soared. The stock has delivered total returns of more than 400 per cent since Gupta took charge in November 2009 versus the Straits Times index’s 128 per cent return over the same period. DBS has also unveiled multibillion-dollar payout schemes for investors in recent months.
“Our strong performance reflects the structural changes Piyush has implemented over the past decade,” Chairman Peter Seah said in the report. He highlighted the bank’s digital transformation, and growth of high-return businesses such as wealth management, transaction services and treasury customer sales among Gupta’s legacy.
Tan Su Shan, Gupta’s deputy, will take over from him on March 28. She emphasised continuity in building resilience of the bank’s operations and preserving the trust of stakeholders, according to the report.