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Financial firms shed workers, raise number of executives: data

All News 09:41 July 12, 2017

SEOUL, July 12 (Yonhap) -- South Korea's financial institutions have reduced the number of rank-and-file employees while increasing the number of executives between 2016-2017, industry data showed Wednesday.

The number of workers at 108 financial institutions was tallied at 194,422 as of the end of March, down 3.3 percent, or 6,625 employees, from a year earlier, according to a survey conducted by corporate tracker CEO Score.

The financial institutions, meanwhile, witnessed an increase of 146 executives, or 6.2 percent, to 2,486 from 2,340 during the same time span.

The number of employees at 13 banks fell 4.2 percent, or 4,273, while the banks had 12.1 percent, or 29, more senior managers as of the end of March from a year earlier.

Credit card firms removed 755 workers, or 6 percent of their workforces, while adding 24 executives, or 17 percent more, during the period.

Such shifts in manpower also took place at insurance firms that saw employee numbers backtrack 1 percent although executive numbers rose 14.4 percent. Securities companies reduced the number of their employees by 1.4 percent and increased executives by 1 percent during the period.

By company, Hyundai Card Corp. had the highest percentage gain for its executives, a 67.9 percent rise, by adding 19 new senior posts. It reduced its total employees by 19.4 percent, or 558.

KEB Hana Bank added five executives, 20 percent more, while shedding 1,407 employees, a drop of 9.1 percent.

Financial firms shed workers, raise number of executives: data - 1


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