DBS CEO, who joined in Nov, earned $3 mln in two months

SINGAPORE, April 10 - The new chief executive of Singapore's DBS , who joined in November last year, received S$4.2 million in his first two months in the job as his pay package was boosted by bonus shares.

Piyush Gupta, who joined from Citigroup , received S$1.2 million worth of DBS shares as part of his joining terms, a DBS spokeswoman said on Saturday.

Top executives at the city-state's other two banks received bigger payouts in 2009, albeit for the whole year, after the banking sector recovered from the credit turmoil that hit the financial sector in 2008.

United Overseas Bank CEO Wee Ee Cheong earned as much as S$7.25 million last year, up 27 percent from a year ago, while Oversea-Chinese Banking Corp CEO David Conner saw his pay package rise by more than 70 percent to S$6.76 million, according to latest annual reports.

Pay packages of Asian banking heads pale in comparison to those of senior executives of European and Wall Street banks, which has forced politicians from the Group of 20 countries to draft new bonus rules in the wake of the global financial crisis in an attempt to discourage short-term risk taking. [ID:nL722182]

Something is wrong? This is just crazy money.....honest! No more need to be corrupted since there are so much crazy amount of money dropping into his lap. Hope he has a huge gurney sack to collect the money. What he earned in 2 mths....I may have to earn that amount in a life-time or two if I am lucky enough to stay employed and remain healthy enough to go to work too or another quick way is to go "rob a bank" haha!

That is why there is a saying that....rich will get only richer! Hope he can remember to leave some crumbs and left-overs to his country men at the end of the day. Most likely he has start to bring in his country men too to enjoy the good life here. SAD day for the local people here.