"DBS Cuts CEO's Variable Pay by 30% Amid Digital Disruptions"

DBS Group Holdings reported record earnings for 2023 but reduced the variable compensation for its senior management, including a 30% cut for CEO Piyush Gupta, due to digital disruptions. The bank's net profit rose 26% to SG$10.3 billion, with a better-than-expected fourth quarter net profit of SG$2.39 billion. DBS maintained its full-year net income interest forecast for 2024 and proposed a final dividend of 54 cents per share. The bank's exposure to the Chinese economy is focused on outbound activities, and it experienced digital disruptions in March and October 2023, leading to regulatory criticism.