Bankers' Salaries Soar as Jobs Dwindle

  • By You So-yeon

    April 05, 2021 12:59

    Employees of major banks earned about W100 million on average last year (US$1=W1,129). At the same time more than 200 bank branches closed nationwide as transactions moved online, and about 1,300 workers were laid off.

    According to data released Sunday, KB Kookmin bankers were the highest paid last year with an annual average salary of W104 million. Next came KEB Hana (W97 million), Shinhan (W96 million), and Woori (W95 million).

    Employment lasted the longest at Woori with an average of 16 years and six months, while KEB Hana topped the rankings of labor productivity per worker with an estimated W250 million.

    Some 222 brick-and-mortar branches of the four major banks shut down nationwide, with KB Kookmin closing 79 of 1,051 branches, KEB Hana 73 branches of 725, Woori 53 of 874, and Shinhan 17 of 877.

    This led to 673 job cuts at KEB Hana, 389 at KB Kookmin, 206 at Woori and 126 at Shinhan.

    Recruitment numbers fell apace. Woori hired 306 new recruits last year, down 230 from the year before, Shinhan 282, down 215, KB Kookmin 188, down 206, and KEB Hana a mere 95, down 283.

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