Mr Gupta’s 30 per cent variable pay cut amounted to S$4.14 million, DBS announced last month as part of its quarterly earnings statement.

Other members of the group management committee also had a reduction in their variable pay.

“We announced that we’re taking accountability at the senior management, starting with me, but also the rest of my senior management team. I think that’s a good element of governance,” Mr Gupta said at a results briefing on Feb 7.

“If you can establish accountability and figure that people take responsibility for making fixes, that’s a good place to start. We’ve been able to demonstrate that and that’s obviously despite a record profit year,” he told reporters.

“Nevertheless, we decided to take collective responsibility for this.”

The series of banking disruptions prompted the Monetary Authority of Singapore (MAS) to bar DBS from any acquisitions of new business ventures for six months.

DBS was also made to pause non-essential IT changes for six months and was not allowed to reduce the size of its branch and ATM networks in Singapore.

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