DBS CEO, previously embarrassed by disruptions in March, apologises for May outage

DBS and POSB Bank customers in Singapore experienced service disruptions on 5 May, marking the second major outage in two months. Many were unable to access online and mobile banking services, and numerous ATMs were non-operational. DBS CEO Piyush Gupta apologized and assured that a Special Board Committee is overseeing a full review of the bank’s IT resiliency to prevent future disruptions. He had previously said he felt embarrassed during the bank’s Annual General Meeting (AGM), two days after the March’s disruption. The Monetary Authority of Singapore called the incidents “unacceptable” and imposed an additional capital requirement on DBS Bank.

DBS CEO, who received S$15.4 million in pay in 2022, feels embarrassed over technical disruption

DBS CEO Piyush Gupta felt embarrassed at the Annual General Meeting due to the bank’s digital banking service disruption for the second time in 16 months. DBS Chairman Peter Seah also apologized to shareholders and convened a special board committee to investigate the incident. The Monetary Authority of Singapore has condemned DBS for its reliability and said it would take supervisory actions after gathering facts. Gupta’s total pay for last year increased by 13.2% to S$15.4 million, including club, car, and driver benefits, according to the bank’s annual report released last month. Ironically, in the report, Gupta said that DBS needs to continue strengthening its technology in areas such as site reliability engineering.

DBS Group CEO’s earnings climb to S$15.4m as bank posts record profits

DBS Group, the largest bank in Southeast Asia, saw its CEO, Piyush Gupta, receive a 13.2% increase in annual earnings, with his compensation package totalling S$15.4 million last year after the bank reported a record profit and return on equity (ROE)