Performance Bonuses Added to Record Earnings
President Lee Jaemyung Stresses Mutual Growth
In the first half of this year, the average salary received by employees at the four major commercial banks-KB Kookmin, Shinhan, Hana, and Woori-was 63.5 million won. This figure surpasses that of leading domestic manufacturers such as Samsung Electronics (60 million won) and Hyundai Motor Company (45 million won).
According to electronic disclosures from the Financial Supervisory Service on August 15, Hana Bank recorded the highest average salary among banks in the first half, paying 68 million won. KB Kookmin, Shinhan, and Woori Banks each paid an average of about 62 million won. These figures are higher than those of major IT companies such as LG Electronics (59 million won) and Kakao (58 million won).
For the first time on a half-year basis, the average annual salary at the four major financial holding companies exceeded 100 million won. KB Financial Group led with 112 million won, followed by Woori Financial Group (105 million won), Hana Financial Group (95 million won), and Shinhan Financial Group (92 million won). If the current trend continues, there is speculation that the annual figure could reach as high as 200 million won.
This increase in salaries is the result of performance bonuses added to record-breaking earnings. In the first half of this year, the combined net profit of the four major financial groups was 10.3254 trillion won, surpassing the 10 trillion won mark for the first time. Despite interest rate cuts, interest income remained strong, and non-interest income also improved.
Securities firms have also joined the ranks of those offering annual salaries exceeding 100 million won. In the first half, the following companies paid average salaries above this threshold: Meritz Securities (131.4 million won), Korea Investment & Securities (129.01 million won), NH Investment & Securities (105 million won), and Mirae Asset Securities (100 million won).
Notably, some executive directors in sales received higher compensation than their CEOs. Yoon Chang-sik, Executive Director of Sales at Meritz Securities, received a total of 4.86283 billion won, including a bonus of 4.8515 billion won. Lee Jong-seok, Head of Retail at Yuanta Securities, received 1.594 billion won.
Meanwhile, regarding these high salaries and record earnings, President Lee Jaemyung recently emphasized the need for mutual growth within and outside the financial sector, stating, "Financial institutions should not focus solely on easy interest gains from products like mortgage loans, but also put effort into expanding investments."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
