Despite the challenging economic environment last year, CEOs from the three local banks (DBS, OCBC and UOB) managed to lead their banks to achieve increased profits.
This, in turn, translated into larger pay checks for them.
Data from the banks’ annual report concluded each of the CEOs had an increase in pay of about S$1 million.
The highest paid among these CEOs last year was Wee Ee Cheong from UOB bank.
He earned $10.22 million in 2014 as compared to the $9.19 million he earned 2013.
The bulk of this increase came from his bonus, which increased by $1 million, from $8 million to $9 million. At the same time, his base salary also increased from $994,000 to $1.2 million.
Coming in second, Piyush Gupta from DBS bank earned $10.12 million in 2014 – again higher than $9.2 million he received the year before.
While his base salary remained the same at $1.2 million, his share plan increased from $4.52 million to $5.07 million.
While being the lowest paid among the three, OCBC bank’s CEO Samuel N. Tsien still reaped in a handsome pay check of $9.88 million.
This was roughly a million more than the $8.81 million he earned last year.
Tsien’s basic salary also remained stagnant at $1.24 million while his bonus rose from $4.5 million to $5.13 million.