DBS Cuts Executives’ Pay
DBS has cut senior executives pay by 13% last year and held them accountable for weaknesses in three areas including surging nonperforming loans. Besides bad loans, the management has penalised executives for weaker performance in Greater China and “control lapses” on regulatory front.
“DBS has cut senior executives pay by 13% last year and held them accountable.”
A 93 per cent surge in DBS’s bad-debt allowances last year reduced annual profit by 2 per cent. It was also penalised for regulatory lapses in anti-money laundering controls.
News Source: Bloomberg
About DBS Bank
DBS Bank Ltd (SGX:D05) is a Singaporean multinational banking and financial services company. The company was known as The Development Bank of Singapore Limited, before the present name was adopted in July 2003 to reflect its changing role as a regional bank. Founded in 1968, DBS acquired POSB (Post Office Savings Bank) in 1998. With over
280 branches across 18 markets in Asia, DBS serves over four million customers in the three key Asian axes of growth, namely, Greater China, Southeast Asia and South Asia.
- Origin : Singapore
- Assets : SGD 458 billion
- Revenue : SGD 10.8 billion
- Employees : 22,000
Official Website: www.dbs.com
News & Media: Press Release
Updated on 8th August 2016