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S. Korea's listed financial firms cut 1.9 pct of staff last year

All Headlines 10:19 April 11, 2017

SEOUL, April 11 (Yonhap) -- South Korea's listed financial firms cut 1.9 percent of their total staff last year, data showed Tuesday, as they grappled with slow growth.

According to the data compiled by market researcher Chaebol.com, the number of employees at 45 listed financial firms stood at 89,483 people in 2016, down 1,713 people from a year ago.

Thirteen listed insurers saw their payrolls slashed by 970 to 36,567 people last year.

The number of employees at 12 listed financial holding firms and banks was reduced by 462 to 30,788 people last year.

The number of employees at 20 listed brokerages was cut by 281 to 22,128 last year, according to the data.

Meanwhile, the average annual salary of the financial firms rose to 79.99 million won (US$70,031) last year, up 10 million won from a year earlier.

Korean Reinsurance and Hana Financial topped the list with their average annual salary standing at 110 million won last year, according to the data.
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