Last year, the average annual salary of the four major commercial bank employees reached 100 million won. The number of employees at these banks has declined by nearly 2,600 over the past three years.
The number of employees has decreased by 2561 in 3 years.
The number of branches decreased by 260 in 2 years
Four major commercial banks, including KB Kookmin, Shinhan, Woori, and Hana, recently submitted business reports to the Financial Supervisory Service last year. The average annual salary increased by 7.75 million won (8.6%) over three years to 98 million won last year from 90.25 million won in 2017. Kookmin Bank (140 million won) was the most, followed by Hana (97 million won), Shinhan (96 million won), and Woori Bank (95 million won).
Changes in the number of employees and salaries of four major banks
The number of employees of the four major commercial banks was 57,896 at the end of last year. It decreased by 2,561 people (4.2%) from the end of 2017 (60,457 people). Hana Bank had the largest number of employees who declined over the past three years at 1293. People (625), Woori (475), and Shinhan Bank (168) were in order.
The number of bank stores is declining rapidly. The number of branches of the four major commercial banks was 3303 at the end of last year. Compared to the end of 2018 (3563 locations), the number of locations decreased by 260 in two years. Hana Bank reduced the largest number to 102. Hana Bank has consolidated and abolished overlapping stores since 2015, when it merged with Korea Exchange Bank. Kookmin Bank (85), Woori (56) and Shinhan Bank (17) also reduced some stores.
At Hana Bank, there were four retirees who left the bank last year after receiving over 1 billion won in severance pay. They received more salary than Hana Bank President Ji Sung-gyu (1.22 billion won). Woori Bank also ranked 1st to 5th in annual salary last year by honorary retired employees. The money they received last year (including severance pay) was more than Kwon Kwang-seok, head of Woori Bank (53 million won).
At Shinhan Bank, four out of the first to fifth places in annual salary last year were retirees, excluding chief executive Jinok-dong (1.13 billion won). At KB Kookmin Bank, Chairman Heo In (1.86 billion won) was the first in annual salary last year, and retirees ranked second to fifth in annual salary.
Reporter Jiyu Hong [email protected]
