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Financial firms urged to reform hiring practices

All News 10:45 June 04, 2018

SEOUL, June 4 (Yonhap) -- The chief of South Korea's financial watchdog on Monday called for financial firms to fundamentally reform their hiring practices and develop more transparent recruitment processes.

Financial Supervisory Service (FSS) Governor Yoon Suk-heun made the remarks during a meeting with heads of six financial industry associations, the FSS said in a statement.

Hiring irregularities at some financial firms and state-run institutions, which are accused of employing the children of influential officials, have been the subject of intense public criticism at a time when the nation's youth jobless rate stands at close to 10 percent.

"Financial firms need to adopt a more objective and transparent hiring process to regain public trust," Yoon said.

FSS Govenor Yoon Suk-heun (Yonhap)

Since last year, some banks, including KEB Hana Bank, Woori Bank and Kookmin Bank, have come under fire for allegations that they gave undue favors or special treatment to job applicants with ties to top bank executives or top-tier customers in their recruitment processes.

A former FSS governor, Choe Heung-sik, stepped down in March after facing allegations of involvement in hiring irregularities while he served as president of a commercial bank in 2013.


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