The hiring slowdown comes amid a deepening youth employment crisis. (Image created by AI/ChatGPT)
SEOUL, April 7 (Korea Bizwire) — South Korea’s largest banks posted record-breaking profits in 2024, yet their hiring of entry-level employees remained flat or declined, drawing criticism for neglecting their social responsibility to create jobs—particularly for young job seekers facing a worsening employment climate.
According to data obtained by Rep. Kim Hyun-jung of the National Assembly’s Political Affairs Committee from the Financial Supervisory Service, three of the nation’s five major commercial banks — Shinhan, Woori, and Hana — reduced their annual entry-level recruitment in 2024 compared to 2023.
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Shinhan Bank hired 102 new employees in 2024, down from 137 in 2023.
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Woori Bank cut new hires to 382 from 500.
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Hana Bank reduced recruitment from 441 to 384.
All three banks fell short of their own hiring plans. In contrast, KB Kookmin Bank maintained a stable intake, slightly increasing new hires from 254 to 260. NongHyup Bank significantly expanded hiring from 480 to 1,260, though this surge was attributed to a decision to advance its 2025 recruitment schedule.
In the rapidly growing internet banking sector, entry-level recruitment was virtually nonexistent. KakaoBank did not hire a single new graduate from 2020 through 2024. Toss Bank hired just one entry-level employee per year in 2023 and 2024. Only K-Bank hired new graduates in double digits—26 in 2022 and 18 in 2023—but reduced the figure to eight in 2024.
Instead, internet banks leaned heavily on experienced hires. In 2024 alone, KakaoBank hired 264 experienced professionals, K-Bank 104, and Toss Bank 226. KakaoBank later clarified that it has hired 73 new employees over the past five years through internship-based recruitment, not traditional open hiring.
ATM machine (Image courtesy of Yonhap)
The hiring slowdown comes amid a deepening youth employment crisis. “With over 500,000 young people now classified as ‘resting’—neither working nor seeking work—the contraction in bank hiring sends a worrying signal,” said Rep. Kim. “As pillars of the national economy, financial institutions must fulfill their social responsibility through employment and active engagement in workforce development.”
The criticism is underscored by the sector’s extraordinary financial performance. The four major financial groups recorded a combined net profit of 16.42 trillion won ($12.4 billion) in 2024, the highest ever. Interest income reached a record 41.87 trillion won, up 3.1% from 2023.
Internet-only banks also had banner years. KakaoBank’s net profit rose 24% to 440.1 billion won, K-Bank’s profits jumped tenfold to 128.1 billion won, and Toss Bank posted its first annual profit of 45.7 billion won.
Despite booming bottom lines, the industry’s limited contribution to entry-level job creation is intensifying public scrutiny — especially as South Korea grapples with demographic shifts and rising anxiety over the future of youth employment.
Ashley Song (ashley@koreabizwire.com)
