Major Commercial Banks Cut Over 4,000 Regular Jobs While Non-Regular Positions Rise

[Economy 365]

South Korea's five major commercial banks have seen a decrease of over 4,000 regular positions while non-regular positions increased by more than 1,000 over a period of three years and seven months.

From the end of 2022 through the end of July of this year, regular employees at KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup Bank decreased by 4,080, while non-regular employees increased by 1,048.

As a result, the total number of executives and staff decreased by 3,032.

At KB Kookmin Bank, regular employees dropped by 2,376, accounting for 58.2 percent of the total regular job reduction across the five major banks.

Conversely, Hana Bank saw a decrease of 389 regular employees, but an increase of 661 non-regular employees, making it the only bank among the top five to record a net increase in total workforce.

Analysts suggest that a combination of factors, including digital transformation, the expansion of non-face-to-face banking services, and voluntary early retirements, likely contributed to these shifts.

*This article was produced using AI audio.
※ Please note: This article was translated by AI and may contain errors.