Home THE DAILY EDGE Business DBS CEO’s $9.3m pay tops Deutsche Bank, Barclays chiefs’
DBS CEO’s $9.3m pay tops Deutsche Bank, Barclays chiefs’ PDF

Tags: Barclays plc | Dbs Group Holdings | Deutsche Bank AG | Piyush Gupta

Tuesday, 02 April 2013 12:36
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DBS Group Holdings boosted Chief Executive Officer Piyush Gupta’s total compensation by 15% to $9.3 million last year, exceeding CEO pay at European banks Barclays Plc and Deutsche Bank AG.

Pay for the head of Southeast Asia’s largest lender, released yesterday in its annual report, compares with 4.8 million euros ($7.7 million) each for Deutsche Bank co-CEOs Anshu Jain and Juergen Fitschen, and 2.6 million pounds ($5 million) paid to Barclays chief Antony Jenkins, according to the companies.

Gupta’s increase coincides with last year’s record profit of $3.8 billion and DBS’s plans to expand in fast-growing Asian markets, including the pending takeover of PT Bank Danamon Indonesia. Asia’s growth contrasts with a recession in Europe, where banks are retrenching to meet tightened capital requirements and coping with a debt crisis.

Jain and Fitschen, who took over as co-chiefs of Germany’s biggest bank in June, saw profit after tax last year erode to 291 million euros after setting aside additional money to cover legal costs linked to U.S. mortgage lawsuits and other regulatory probes, a 93% drop from the previous year.

Jenkins, who took over as CEO of Britain’s second-biggest bank by assets on Aug. 30, said in February that he didn’t wish to be considered for a 2012 bonus. The lender on Feb. 12 posted an annual net loss of 1.04 billion pounds, its first in two decades, after setting aside an additional 1 billion pounds for compensating clients wrongly sold interest-rate swaps and loan- repayment insurance.

Last Updated on Tuesday, 02 April 2013 21:45