The veteran, who has been with the bank since 2008, will take on the new role from April 1

DBS Bank has announced the appointment of Derrick Goh, its current Group Audit Head, to the newly created position of Group Chief Operating Officer (COO), effective April 1, 2025. Goh, a Member of Parliament for Nee Soon Group Representation Constituency, will oversee the bank’s operations and transformation divisions. He will also join the bank’s executive committee.

As part of the reshuffle, Koh Kar Siong, the current head of Corporate and SME (Small and Medium Enterprise) banking, will replace Goh as Group Head of Audit. Koh will also be part of the management committee. Both appointments will be official from April 1.

Goh, aged 56, has been with DBS since 2008, prior to his entry into politics. His career at DBS includes various senior roles, such as leading the regional wealth management programme and heading POSB and consumer banking group distribution in Singapore. In 2018, he was appointed to head the bank’s audit team. Goh has also served as the Regional COO and CFO for the bank’s Institutional Banking Group, and led finance, group planning, and analytics.

Koh, who joined DBS in 2003, has held multiple leadership positions, including head of SME banking in Singapore and roles within consumer banking and wealth management.

Additionally, Jimmy Ng, DBS’s current head of operations, will retire from his executive role on July 1. He will take on the position of senior adviser for the bank’s artificial intelligence initiatives until the end of the year.

Piyush Gupta, the outgoing CEO of DBS, praised the management changes, highlighting the bank’s success in nurturing and promoting leaders from within. He also pointed out that Tan Su Shan, who was appointed deputy CEO last August, will take over as CEO when Gupta retires in March 2025.

Following the announcement, DBS shares rose by 0.25%, closing at S$44.96.