June 26, 2018

Financial firms layoff workers but increase number of execs

PUBLISHED : July 12, 2017 - 10:15

UPDATED : July 12, 2017 - 10:15

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[THE INVESTOR] Korea’s financial institutions have reduced the number of rank-and-file employees while increasing the number of executives, industry data showed on July 12.

The number of workers at 108 financial institutions was tallied at 194,422 as of end-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 Alex Lee and newswires (

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