UOB CEO Wee Ee Cheong’s 2023 pay rises 12% to $15.9 million

The Straits Times03-21

SINGAPORE – UOB chief executive Wee Ee Cheong’s salary rose as the bank’s full-year core earnings hit a new record in 2023, but his pay increased at a slower pace. Mr Wee’s annual pay for the year ...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUOB CEO Wee Ee Cheong’s 2023 pay rises 12% to $15.9 million\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-03-21 12:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.straitstimes.com/business/uob-ceo-wee-ee-cheong-s-2023-pay-rises-12-to-159-million><strong>The Straits Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SINGAPORE – UOB chief executive Wee Ee Cheong’s salary rose as the bank’s full-year core earnings hit a new record in 2023, but his pay increased at a slower pace.\nMr Wee’s annual pay for the year ...</p>\n\n<a href=\"https://www.straitstimes.com/business/uob-ceo-wee-ee-cheong-s-2023-pay-rises-12-to-159-million\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SG9999014492.USD","symbol_name":"NIKKO AM ASEAN EQUITY \"A\" (USD) ACC","start_time":0,"source_url":"https://www.straitstimes.com/business/uob-ceo-wee-ee-cheong-s-2023-pay-rises-12-to-159-million","article_id":"2421562610","we_media_id":null,"thumbnails":[],"rights":{"source":"straits_highlight","url":"https://www.straitstimes.com/business/uob-ceo-wee-ee-cheong-s-2023-pay-rises-12-to-159-million","rn_cache_url":null,"customStyle":"","selectors":"body","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2421562610","pubTimestamp":1710994360,"sourceInfo":{"source_id":"straits_highlight","name":"Straits Times"},"weMediaInfo":null,"summary":"SINGAPORE – UOB chief executive Wee Ee Cheong’s salary rose as the bank’s full-year core earnings hit a new record in 2023, but his pay increased at a slower pace.Mr Wee’s annual pay for the year came in at $15.9 million, a 12 per cent increase from the $14.2 million he earned in 2022, said Singapore’s third-largest bank in its annual report on March 21.His annual remuneration comprises a base salary of $1.2 million, unchanged from 2022, as well as a bonus of $14.7 million, and benefits-in-kind and other transport-related benefits amounting to $39,700.The increase was smaller than the 30 per cent salary jump he had in 2022, when his pay of $14.2 million rose from $10.9 million the previous year.In the same year, it integrated the new businesses in Malaysia and Indonesia with UOB’s platforms. The Thailand business is expected to be integrated in the first half of 2024, while Vietnam will follow suit in 2025, said the bank, noting that the deal has accelerated its growth in the region by","collect":0,"end_time":0,"defaultTopTitle":"straitstimes.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SG9999014492.USD":"NIKKO AM ASEAN EQUITY \"A\" (USD) ACC","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund  SGD","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0251143029.SGD":"Fidelity ASEAN A-SGD","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","SG9999002414.USD":"LIONGLOBAL SINGAPORE TRUST (USD) ACC","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU0532188223.SGD":"JPMorgan Funds - ASEAN Equity A (acc) SGD","SG9999016042.SGD":"Schroder Singapore Trust A Acc SGD","SG9999003826.SGD":"日兴资管新加坡股息基金 SGD","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","SG9999000475.SGD":"Aberdeen Standard Singapore Equity SGD","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","SGXZ58947870.SGD":"LIONGLOBAL SINGAPORE DIVIDEND EQUITY (SGDHDG) INC","SG9999001127.SGD":"United Singapore Growth Fund SGD","LU0630378429.USD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (USD) INC","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU0557290698.USD":"施罗德环球可持续增长基金","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","U11.SI":"大华银行","D05.SI":"星展集团控股","SG9999003800.SGD":"Nikko AM Global Dividend Equity Acc SGD-H","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","SG9999013460.SGD":"LionGlobal Singapore Dividend Equity Fund SGD","LU0831093199.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM3\" (SGDHDG) INC","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","SG9999013478.USD":"利安新加坡股息基金","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","SG9999008742.SGD":"Eastspring Investments Unit Trusts - Singapore ASEAN Equity SGD","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","SG9999006266.SGD":"MANULIFE SINGAPORE EQUITY \"A\" (SGD) ACC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","SG9999002679.SGD":"LionGlobal Singapore Balanced SGD","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","SG9999001846.SGD":"Schroder Asian Equity Yield A Dis SGD","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","BK6112":"综合性银行","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","SG9999014302.SGD":"RHB Singapore Income Fund SGD","SG9999013486.USD":"LIONGLOBAL SINGAPORE DIVIDEND EQUITY (USD) INC A","SG9999001135.SGD":"United ASEAN Fund SGD","LU0414403682.SGD":"Blackrock Asia Pacific Equity Income A5 SGD-H"},"translate_title":"大华银行首席执行官Wee Ee Cheong 2023年的薪酬增长12%，至1590万美元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"U11.SI":1,"D05.SI":0.66},"content_text":"SINGAPORE – UOB chief executive Wee Ee Cheong’s salary rose as the bank’s full-year core earnings hit a new record in 2023, but his pay increased at a slower pace.\nMr Wee’s annual pay for the year came in at $15.9 million, a 12 per cent increase from the $14.2 million he earned in 2022, said Singapore’s third-largest bank in its annual report on March 21.\nHis annual remuneration comprises a base salary of $1.2 million, unchanged from 2022, as well as a bonus of $14.7 million, and benefits-in-kind and other transport-related benefits amounting to $39,700.\n\n\n\nThe report showed that 60 per cent of Mr Wee’s variable pay is deferred, and will vest over the next three years. Of the deferred variable pay, 40 per cent will be issued in deferred cash, while the remaining 60 per cent will be in the form of share-linked units.\nThe increase was smaller than the 30 per cent salary jump he had in 2022, when his pay of $14.2 million rose from $10.9 million the previous year.\nMr Wee’s pay overtakes that of Mr Piyush Gupta, CEO of Singapore’s largest bank DBS.\n\n\n\n\nMr Gupta was paid $11.2 million in 2023, a drop of 27 per cent from the $15.4 million he brought home in 2022, DBS said on March 6.\n\nThe 2023 variable compensation for the DBS CEO and other members of the group management committee was cut to hold them accountable for a series of digital disruptions in 2023.\nAt UOB, full-year core earnings grew 26 per cent to $6.1 billion because of strong income growth and a bigger customer franchise. This marked the first time its profits crossed the $6 billion mark.\nThese earnings excluded one-off expenses from the integration of Citigroup’s consumer banking business in four South-east Asian markets.\n\n\n\nIncluding these expenses, net profit for the full year rose 25 per cent to $5.7 billion. Costs related to the integration are expected to largely taper off by mid-2024.\nMr Wee said in his bank’s annual report that the global economy faced uncertainties and challenges in 2023, with economic activity moderating on the back of slower demand in Europe and China.\n“Looking ahead, uncertainties about US inflation and China’s growth will continue to linger while geopolitical tensions and political transitions could lead to another bumpy year globally,” he said.\n“Growth in the Asean region is expected to remain strong due to domestic demand, moderating inflation and increased trade and investment flows,” Mr Wee said, adding that the bank is well-placed to ride on the region’s growth.\nThe bank grew its retail customer base to more than eight million across the region in 2023 as it completed the acquisition of Citigroup’s consumer units in Indonesia, Malaysia, Thailand and Vietnam.\nIn the same year, it integrated the new businesses in Malaysia and Indonesia with UOB’s platforms. The Thailand business is expected to be integrated in the first half of 2024, while Vietnam will follow suit in 2025, said the bank, noting that the deal has accelerated its growth in the region by five years.\nIts credit card fees reached an all-time high in the fourth quarter of 2023, driven by contributions from the expanded regional franchise and robust consumer spending throughout the region.\n“Ongoing cross-selling initiatives of UOB offerings to our newly acquired customers are expected to further enhance our revenue,” it said.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.27.0","shortVersion":"4.27.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2421562610"}