Bankers' Salaries Soar Despite Recession

  • By Kim Eun-jung

    August 21, 2019 13:20

    Bank employees earned an average of W51.5 million in the first half of this year (US$1=W1,210).

    The figure comes from half-year performance reports released by KB Kookmin Bank, Shinhan Bank, Woori Bank, KEB Hana Bank, Citibank Korea and Standard Chartered Bank Korea on Tuesday.

    It marks a whopping 8.4 percent rise from W47.5 million in the same period last year despite GDP growth of barely over two percent and is the highest increase rate since 2013's 19.1 percent.

    Citibank was the most bountiful with W58 million per worker, followed by KEB Hana (W57 million), KB Kookmin (W52 million), Standard Chartered (W48 million), and Shinhan and Woori (W47 million). KEB Hana and KB Kookmin hiked their wages by an eye-watering 26.7 percent and 20.9 percent on-year.

    KEB Hana said the reason was that it completed the process of combining two different systems of wage payment early this year after Hana Bank and Korea Exchange Bank merged in 2015. KB Kookmin paid last year's bonuses in the first half due to delayed agreement between management and union.

    The banks have some 67,781 workers on their payrolls, down 886 from late last year. 

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