DBS Group CEO Piyush Gupta's pay for 2010 just over S$8m ( Worth Or Not ??? )

[Mdm Tang]

Bros , why pay so much for a CEO ???





.


DBS CEO pay for 2010 just over S$8m

http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1119968/1/.html


SINGAPORE: The CEO of DBS Group Holdings, Piyush Gupta is taking home a pay packet of just over S$8 million for 2010.

The company's CEO earned S$1.2 million in salary, S$2.7 million in cash bonuses and S$4.1 million in deferred shares.

DBS also made changes for deferred shares, now to be vested over a four year period, up from three years, and no shares will be paid out in the first year. This policy will also apply to other some other members of the board such as Chairman Peter Seah, who is set to take home a S$678,500 pay packet, a third of which was in deferred shares.

DBS also introduced a "claw back" for remuneration, which can be triggered if the bank sees losses from negligent risk taking or inappropriate individual behaviour or fraud.

Part of Gupta's deferred shares (S$685,000) are also allocated as "kicker" shares, which can only be vested if he is still with the bank in the fourth year. DBS also said it does not pay dividends on deferred shares.

In 2010, DBS has recorded core earnings of S$2.65 billion, up 28 per cent from the previous year. The bank said this was driven by strong growth in loans across the region, higher income from cross-selling activities and an improvement in the quality of assets. This was despite headwinds caused by a low interest rate environment, where SIBOR rates had hit a 23-year low.

In a letter to shareholders as part of its annual report, Gupta and Seah said: "The bank was able to put surplus deposits to good use and mitigate the effects of net interest margin compression. In all, net interest income declined just 3 per cent to S$4.32 billion. On the other hand, non-interest income rose 28 per cent to S$2.75 billion."

Going forward, the bank reiterated its focus on strengthening its regional wealth management, SME, Treasury & Markets and Global Transaction Services Business.

This comes after the CEO of OCBC Group, David Conner, racked up S$7.5 million in pay for last year. Half of which was in deferred shares and share awards of S$3.71 million, while S$1.24 million came from base salary and fees, and S$2.5 million in bonuses.

-CNA/ac






http://www.google.com.sg/#hl=en&cp=....,cf.osb&fp=daa92fc4779a3daf&biw=1024&bih=482




Latest Update






2 arrested for possessing ATM skimming equipment

By Robin Chan & Magdalen Ng
Two suspects were caught in an ATM skimming scheme that has now widened to include almost 700 customers who had $1 million stolen from DBS Bank last week.

The two Chinese Malaysians, aged 27 and 39, were arrested after a raid on a hotel in Lorong 22 Geylang, where an assortment of equipment used for ATM skimming, including a customised panel with a pin-hold camera and a simulated Fraudulent Device Inhibitor, which is believed to have been fitted with a card skimming device.

Investigations are ongoing to determine their involvement of the two subjects in the DBS ATM fraud incident which has now affected 696 DBS and POSB customers, with a total of about $1 million taken from their accounts, DBS said today.

If found guilty for the offence of possessing equipment for making a false instrument with intent to induce prejudice under Section 473B of the Penal Code, the two suspects could be jailed for up to 10 years or a fine, or with both.

 

[Mdm Tang]

Re: DBS Group CEO Piyush Gupta's pay for 2010 just over S$8m ( Worth Or Not ???

Escalating numbers by the days :


1st it was 200 a/c affected


2nd it went to 400 a/c affected


as of today 700 customers affected and S$1 M stolen !

 

[Alamaking]

Re: DBS Group CEO Piyush Gupta's pay for 2010 just over S$8m ( Worth Or Not ???

Knn... si ah neh paid so much.......

 

[scroobal]

Re: DBS Group CEO Piyush Gupta's pay for 2010 just over S$8m ( Worth Or Not ???

Truly shocking. It will be helpful if DBS or the fucking brothel press state what he had achieved and why he is such a wonder.

 

[Mdm Tang]

Re: DBS Group CEO Piyush Gupta's pay for 2010 just over S$8m ( Worth Or Not ???

.



Sorry must also explained why he is paid S$8M



Sorry that is Worth S$8M ?






.





http://www.channelnewsasia.com/stories/singaporelocalnews/view/1176099/1/.html




DBS CEO says sorry for ATM fraud
By Linette Lim | Posted: 11 January 2012 1402

SINGAPORE: DBS Group CEO Piyush Gupta has apologised to customers for the anxiety and inconvenience caused by recent cases of fraudulent ATM withdrawals.

Speaking for the first time publicly on the incident, Mr Gupta added that there's no "internal involvement" in the fraud incident.

He also said the bank will provide SMS alerts for ATM withdrawals beyond a certain amount or when it detects unusual transaction activity.

Reports of unauthorised ATM transactions sent many DBS Bank and POSB customers to check on their accounts on 6 January.

Mr Gupta said: "I just want to say on behalf of all my colleagues, we regret all the inconveniences that people face and we're sorry for what you have to go through."

Following complaints from customers of the unauthorised transactions, DBS had immediately de-activated the compromised ATM cards.

All in, 400 customers were affected by the largest ATM fraud in Singapore and about S$500,000 was stolen from the accounts over two days on 4 and 5 January.

The unauthorised withdrawals were made in Malaysia, with the bulk of them occurring on 4 January.

Mr Gupta said there are no new cases and all affected customers have been compensated in full.

DBS is looking to enhance security measures to prevent such ATM scams in the future.

These include providing SMS alerts for ATM withdrawals beyond a certain threshold or when the bank detects unusual transaction activity.

Mr Gupta said: "We'll try and make this an industry standard, that beyond some threshold - we're still trying to figure out what it should be - if there is any use of your account, we will send you an SMS so you'll know that money was taken out from your account."

Another option is to replace the magnetic strip on ATM and credit cards with a microchip. But that has its own set of problems.

Mr Gupta said: "We need to figure out how to make it more difficult for the crooks to capture data. The best way to do it at this point in time is to eliminate the magnetic strip on the card, because most skimming happens on the magnetic strip.

"The problem with that is it's a huge inconvenience to customers. When you go to the US, they don't accept chip cards.

"Chip technology is not that refined, so you have almost a two per cent failing. So every month, there are a couple of hundred thousand people who won't be able to get their cash out."

Mr Gupta said DBS is still studying various ways to improve security and to "stay ahead of the hackers".

It is also considering disabling overseas withdrawals altogether and have customers apply to the bank if they wish to have it activated.

But the bank needs to strike the right balance between security and convenience for the customers, he said.

Speaking in his capacity as the chairman of the Association of Banks in Singapore, Mr Gupta said the Monetary Authority of Singapore (MAS) and the banking industry have agreed to switch to the dynamic transaction token signing system.

This will be available to DBS customers by the end of the year.

Responding to queries about the bank's exposure to Europe, Mr Gupta reiterated that DBS has "almost no European exposure to speak of".

"Our entire financial asset portfolio - S$2 billion in Europe - a third of it is in the UK, a third of it is in Germany and a third of it is in the supras (supranational organisations). So we have no direct impact of a Europe breakup," he said.

On job losses in the European banking sector, Mr Gupta said there will be "no cuts" where DBS is concerned, but there will be no need to add the same headcount as in previous years. He added that the bank will drive productivity from the investments it has already made.

- CNA/ck

 

[Mdm Tang]

Re: DBS Group CEO Piyush Gupta's pay for 2010 just over S$8m ( Worth Or Not ???

Truly shocking. It will be helpful if DBS or the fucking brothel press state what he had achieved and why he is such a wonder.

Including stocks and options He is paid More then x 4 times our


beloved PM Lee .


Paid S$8M for him to come out to say we will learn from


the Robbers ...




http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_754653.html


DBS to tighten bank account security after ATM scam
Chief executive Piyush Gupta says sorry to customers hit by scam

By Robin Chan
The boss of DBS Bank apologised on Wednesday to customers caught up in last week's ATM scam, and promised additional new security measures to protect accounts.

Chief executive Piyush Gupta, in his first public comments since the fraud, said: 'It (was) a 'skimming' scheme that can happen to any bank. In fact, frankly, it happens to banks all the time.

'But the truth is, this is our bank and these are our customers. So I want to say, on behalf of all my colleagues, we regret all the inconvenience that people faced, and we are sorry for what you had to go through.'

Mr Gupta, who was speaking at the DBS Private Banking lunch at the Shangri-La Hotel, added that the banking industry is working with the Monetary Authority of Singapore (MAS) to develop enhanced measures that seek to balance customer security and convenience.

 

[Mdm Tang]

Re: DBS Group CEO Piyush Gupta's pay for 2010 just over S$8m ( Worth Or Not ???

.


DBS also introduced a "claw back" for remuneration, which can be triggered if the bank sees losses from negligent risk taking or inappropriate individual behaviour or fraud.




now tis happened then got "claw back " ?

 

[Mdm Tang]

Re: DBS Group CEO Piyush Gupta's pay for 2010 just over S$8m ( Worth Or Not ???

.


http://www.straitstimes.com/



http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_755240.html



2 arrested for possessing ATM skimming equipment

 

[johnny333]

Re: DBS Group CEO Piyush Gupta's pay for 2010 just over S$8m ( Worth Or Not ???

Remember that Chip Goodyear turned down the job.

Maybe this guy is being paid to not rock the boat & close his eyes to what's going on

 

[Confuseous]

Re: DBS Group CEO Piyush Gupta's pay for 2010 just over S$8m ( Worth Or Not ???

I am rather disturbed by the comments made recently by DBS, who claim to be the “safest bank in Asia” when they said the following.

“bank officials said its investigation into recent unauthorized withdrawals showed that anti-skimming devices had been breached in two ATMs along Bugis Street in late November”

“A total of 2,700 customers had their ATM cards compromised, but only 400 had unauthorized transactions amounting to S$500,000 deducted from their bank accounts via ATM machines in Malaysia on 4 and 5 January”

They said that the 2 ATMs were breached in November, and a total of 2,700 customers had their ATM cards compromised. 2,700 clients is really like a sore thumb sticking out, but why is it DBS waited till now to inform us of the breach?

When they said 2,700 customers had their ATM cards compromised, what does it mean, were there any fraudulent transactions that resulted in these 2,700 customers being classified as “compromised”?

Next they went on to provide this lame excuse.

“Karen Ngui, managing director and head group strategic marketing and communications at DBS, explained that all of its ATM machines around the island always had anti-skimming devices installed, but these were not 100 per cent fool-proof and “crooks could have bypassed the security measure”
It seems that Karen Ngui, knows that the anti-skimming devices installed are not fool proof, yet why did she not flag it as an audit issue, and why were customers not informed that DBS was using a device that is not “fool proof” ?

Does this mean that all the anti-skimming devices installed at ATM’s today by DBS are rendered useless now, and we are vulnerable to similar attacks?

She also went on to say this.

“It is an unfortunate incident and it is clearly not a lapse in security, as similar skimming fraud incidents do occur once in a while to banks around the world,” said Ngui.

Since she is saying that this is “similar” and knows this occurs once in a while around the world, why is it DBS did not take a “lessons learnt” approach to prevent this from happening? This is not a lapse of security but a lapse of negligence, because DBS have firsthand knowledge of this happening around the world.

In a nutshell, this excuse sounds like the PAP “once in every fifty years” flood excuse, what if one day we were told a computer virus ate up our CPF and reserves, and the system is not 100 percent fool proof?

Singaporeans should not be fooled when parties claim to be “safest or best”, and we should not put all our eggs into one basket.

- http://www.tremeritus.com/2012/01/14/dbs-fiasco-negligence-or-security-lapse/

 

[mee_siam_hum]

Re: DBS Group CEO Piyush Gupta's pay for 2010 just over S$8m ( Worth Or Not ???

He is the SGP's 1%. We are the 98%, PAP is the other 1%.

So what do you say? Occupy Shenton Way DBS or occupy Istana?

 

[borom]

Re: DBS Group CEO Piyush Gupta's pay for 2010 just over S$8m ( Worth Or Not ???

................“Karen Ngui, managing director and head group strategic marketing and communications ....explained that all of its ATM machines around the island always had anti-skimming devices installed, but these were not 100 per cent fool-proof and “crooks could have bypassed the security measure”
It seems that Karen Ngui, knows that the anti-skimming devices installed are not fool proof, yet why did she not flag it as an audit issue, and why were customers not informed that DBS was using a device that is not “fool proof” ?......
She also went on to say this.
“It is an unfortunate incident and it is clearly not a lapse in security, as similar skimming fraud incidents do occur once in a while to banks around the world,” said Ngui.

Since she is saying that this is “similar” and knows this occurs once in a while around the world, why is it DBS did not take a “lessons learnt” approach to prevent this from happening? This is not a lapse of security but a lapse of negligence, because DBS have firsthand knowledge of this happening around the world.........

As I have said before in another thread, Karen has not worked in banking operations before and comes from
a PR background.PR background does not mean coming from PR firms per se, but doing PR related work in banks. The best description of FT (kampong girl from Malaysia) Karen comes from one of her x staff who said , "Karen's job involves things like giving free umbrella's for fixed deposits".Mabye Scroobal can list down whether Karen has worked as a branch, loans , investment, FX or IT officer before. Doing things like deciding on free gifts, advertisement and corporate colours does not make her a banker, just like being a Chief Clerk in the Commando Unit does not make one a Commando.

Is it a coincidence that the 2 arrested over DBS ATM thefts comes from the same country as Karen and Saw Phaik Hwa (x-SMRT)-MALAYSIA boleh!
Is this how forieigners create jobs for Singaporeans-like what the PAP always say?

 

[Mdm Tang]

Re: DBS Group CEO Piyush Gupta's pay for 2010 just over S$8m ( Worth Or Not ???

http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_755831.html

DBS fast-tracks security measures, 3rd suspect named

By Magdalen Ng , Robin Chan
DBS Bank said on Saturday that it has blocked overseas ATM access to most customer accounts with immediate effect.

The announcement comes as a third suspect was named in relation to the recent ATM skimming scheme that has seen $1million stolen from almost 700 of the bank's customers.

At present, all DBS and POSB ATM and debit cards can be used both locally and abroad, and customers have the option of blocking the overseas usage of their card by contacting the bank.

Now, customers who have not used their cards outside Singapore since July 1 last year will no longer be able to make cash withdrawals from ATMs overseas unless they enable the function.

 

[Mdm Tang]

Re: DBS Group CEO Piyush Gupta's pay for 2010 just over S$8m ( Worth Or Not ???

.



DBS CEO says sorry for ATM fraud

By Linette Lim | Posted: 11 January 2012 1402

SINGAPORE: DBS Group CEO Piyush Gupta has apologised to customers for the anxiety and inconvenience caused by recent cases of fraudulent ATM withdrawals.

Speaking for the first time publicly on the incident, Mr Gupta added that there's no "internal involvement" in the fraud incident.

He also said the bank will provide SMS alerts for ATM withdrawals beyond a certain amount or when it detects unusual transaction activity.

Reports of unauthorised ATM transactions sent many DBS Bank and POSB customers to check on their accounts on 6 January.

Mr Gupta said: "I just want to say on behalf of all my colleagues, we regret all the inconveniences that people face and we're sorry for what you have to go through."

Following complaints from customers of the unauthorised transactions, DBS had immediately de-activated the compromised ATM cards.

All in, 400 customers were affected by the largest ATM fraud in Singapore and about S$500,000 was stolen from the accounts over two days on 4 and 5 January.

The unauthorised withdrawals were made in Malaysia, with the bulk of them occurring on 4 January.

Mr Gupta said there are no new cases ( now more then 700 cases

and counting ) and all affected customers have been compensated in full.

DBS is looking to enhance security measures to prevent such ATM scams in the future.

These include providing SMS alerts for ATM withdrawals beyond a certain threshold or when the bank detects unusual transaction activity.

Mr Gupta said: "We'll try and make this an industry standard, that beyond some threshold - we're still trying to figure out what it should be - if there is any use of your account, we will send you an SMS so you'll know that money was taken out from your account." ( Citibank has this feature long time ago)

Another option is to replace the magnetic strip on ATM and credit cards with a microchip. But that has its own set of problems.

Mr Gupta said: "We need to figure out how to make it more difficult for the crooks to capture data. The best way to do it at this point in time is to eliminate the magnetic strip on the card, because most skimming happens on the magnetic strip.

"The problem with that is it's a huge inconvenience to customers. When you go to the US, they don't accept chip cards.

"Chip technology is not that refined, so you have almost a two per cent failing. So every month, there are a couple of hundred thousand people who won't be able to get their cash out."

Mr Gupta said DBS is still studying various ways to improve security and to "stay ahead of the hackers". ( Hacker Ahead ?)


It is also considering disabling overseas withdrawals altogether and have customers apply to the bank if they wish to have it activated.

But the bank needs to strike the right balance between security and convenience for the customers, he said.

Speaking in his capacity as the chairman of the Association of Banks in Singapore, Mr Gupta said the Monetary Authority of Singapore (MAS) and the banking industry have agreed to switch to the dynamic transaction token signing system.

This will be available to DBS customers by the end of the year.

Responding to queries about the bank's exposure to Europe, Mr Gupta reiterated that DBS has "almost no European exposure to speak of".

"Our entire financial asset portfolio - S$2 billion in Europe - a third of it is in the UK, a third of it is in Germany and a third of it is in the supras (supranational organisations). So we have no direct impact of a Europe breakup," he said.

On job losses in the European banking sector, Mr Gupta said there will be "no cuts" where DBS is concerned, but there will be no need to add the same headcount as in previous years. He added that the bank will drive productivity from the investments it has already made.

 

[Mdm Tang]

Re: DBS Group CEO Piyush Gupta's pay for 2010 just over S$8m ( Worth Or Not ???

.

DBS to tighten bank account security after ATM scam


Chief executive Piyush Gupta says sorry to customers hit by scam

By Robin Chan


The boss of DBS Bank apologised on Wednesday to customers caught up in last week's ATM scam, and promised additional new security measures to protect accounts.

Chief executive Piyush Gupta, in his first public comments since the fraud, said: 'It (was) a 'skimming' scheme that can happen to any bank. In fact, frankly, it happens to banks all the time.
( since you know and are frank about it ; why wait for this to happen ??? )


'But the truth is, this is our bank and these are our customers. So I want to say, on behalf of all my colleagues, we regret all the inconvenience that people faced, and we are sorry for what you had to go through.'

Mr Gupta, who was speaking at the DBS Private Banking lunch at the Shangri-La Hotel, added that the banking industry is working with the Monetary Authority of Singapore (MAS) to develop enhanced measures that seek to balance customer security and convenience.

 

[borom]

Re: DBS Group CEO Piyush Gupta's pay for 2010 just over S$8m ( Worth Or Not ???

Published January 21, 2012...............

BANKS here are scrambling to count the cost of boosting card payment security as the industry reluctantly agrees to switch to chip technology in two years' time, following the recent DBS ATM card-skimming incident...............

The Monetary Authority of Singapore (MAS) has issued a stern warning to banks that it holds them responsible for the safety of the system and expects implementation of the measures ahead of the deadline. ..............

Converting the ATM cards is likely to cost tens of millions of dollars as the Europay-MasterCard-Visa (EMV) chip card costs around $5 each versus 50 cents for the ATM magnetic strip card................
Singapore banks had decided to stay with the magnetic-strip ATM cards when other countries such as Malaysia adopted EMV chips many years ago because of the low fraud incidence, said ABS's Mrs Ong.]

'Each country has it own fraud experience. Malaysia and Taiwan were very high so it made sense to migrate sooner,' she said.

...............'MAS holds banks directly responsible for the safety and soundness of the services and systems they provide to their customers and will continue to work with the industry to enhance the security of payment systems.'
http://www.businesstimes.com.sg/sub/news/story/0,4574,474685,00.html?

Finally an official admission that a self declared world class financial centre is behind Malaysia and Taiwan( which has never ever even claimed to be a financial centre of any sort.)
Did anyone remember if Malaysian Karen Ngui mentioned the 50 cents 3rd world magnetic strip at the first press conference ?
After this PR disaster, can Scroobal care to elaborate on how talented is Karen Ngui ?

 

[myo539]

Re: DBS Group CEO Piyush Gupta's pay for 2010 just over S$8m ( Worth Or Not ???

Knn... si ah neh paid so much.......

That's why I believe that the Singapore Cabinet is value for money. Some of them even have to take charge of 2 or 3 portfolios!

This CEO doesn't even need to shake hands with any Tom, Dick or Harry or win elections - and he earns double that of the Prime Minister.

I think PM's wife and his brother earn more than the Prime Minister himself.

 

[johnny333]

Re: DBS Group CEO Piyush Gupta's pay for 2010 just over S$8m ( Worth Or Not ???

I think PM's wife and his brother earn more than the Prime Minister himself.

We all know they are doing a terrible job & the reason they got the job was because of family connections

I'm one who believes that gov't should stay out of the private sector. You only have to look at what's going on in Spore to understand why

 

[leetahbar]

Re: DBS Group CEO Piyush Gupta's pay for 2010 just over S$8m ( Worth Or Not ???

definitely worth it! posb account holders lost only $1M still very much lesser than his pay. without him, maybe we would lost $10M.

without him, pap would have lesser one million $ pay to peg their obscene pays to. so worth it!

 

[Narong Wongwan]

Re: DBS Group CEO Piyush Gupta's pay for 2010 just over S$8m ( Worth Or Not ???

Including stocks and options He is paid More then x 4 times our


beloved PM Lee.

Hear hear now we know how many millions our dear PM sacrificed for us.
PM has a much tougher job running a country then this guy running a bank.
PM has to look after well being of all and manage much more than just bank employees and bank assets.

Let's petition to raise PM salary to 10milion.
How can PM who shoulders such heavy responsibilities make an income probably lower than his wife?