Cumulative Compensation of 34.75 Billion KRW Over the Past 7 Years
Retirement Date Moved Up One Year Ahead of Official Retirement Age
Kang Jeong-gu (59), a private banker (PB) at Samsung Securities who topped the entire securities industry in annual salary and was called the "King of Securities Salaries," is retiring.
According to related industry sources on the 11th, Kang will work at Samsung Securities only until the end of this month. Although his official retirement age is next year, it is known that he advanced his retirement date to prepare early for life after retirement.
Born in 1966, Kang graduated from Korea University with a degree in economics and completed graduate studies at the university's business school. He joined Daegu Daedong Bank in 1990. After passing through Samsung Investment Trust in 1998, he has been working at Samsung Securities since 2000. Kang became known as a "legend in the PB world" because he earned a higher salary than the company president. In Samsung Securities' 2018 business report, he was recognized as the PB receiving higher compensation than the president, and from 2019 to 2022, he held the title of Samsung Securities' "salary king" for four consecutive years.
In 2023, he dropped to second place behind former CEO Jang Seok-hoon, who received 3.4 billion KRW in retirement income after completing his presidential term, but last year, Kang reclaimed the top spot in the entire securities industry with a total compensation of 9.324 billion KRW. This amount exceeds that of CEO Park Jong-moon (1.591 billion KRW) and former Vice President Lee Jae-hyun (2.24 billion KRW). Kang's cumulative compensation over the past seven years up to last year reached 34.75 billion KRW.
Kang's base salary is known to be about 6 million KRW per month, with most of his compensation coming from bonuses including performance incentives. The performance bonuses for Samsung Securities PB sales professionals follow a payment rate determined by the wealth management (WM) division's performance reward system, based on profits generated from retail brokerage, financial product trading, and financial advisory services. Kang's major clients include controlling shareholder families of large and mid-sized companies.
Samsung Securities explained in its business report that Kang "contributed to increasing customer returns through proactive investment proposals in promising domestic and international industries and companies, based on leading insights into changes in global market trends."
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