Commercial banks in Korea are planning to scale back on recruitment by nearly 30 percent this year as their profits continue to crumble amid the economic slowdown.
Seven banks, including top lender Kookmin Bank, are expected to hire a total of 2,700 people this year, down over 1,000 from 2012. Some of the lenders say they may even impose hiring freezes.
More alarming still, the cutbacks are not just expected to affect banks. Insurance, credit card and securities companies as well as public financial institutions have announced plans to reduce their number of new hires this year by up to 50 percent.