Citizens walking through the Yeouido financial district. (Yonhap)
SEOUL, Nov. 24 (Korea Bizwire) — South Korean brokerage houses are expanding their workforces for the first time in three years, buoyed by a roaring stock market and renewed momentum in investment banking and digital services.
As of the end of September, the nation’s 60 securities firms employed 39,238 people, up 398, or about 1 percent, from the end of last year, according to the Korea Financial Investment Association. The increase marks a reversal after staffing levels peaked in 2022 and then declined for two consecutive years.
Several firms posted notable gains, including Kiwoom Securities, which added 106 employees — a more than 10 percent increase — along with Woori Investment, Meritz Securities, Toss Securities, and KakaoPay Securities. Others, such as KB Securities, Hanyang Securities and Shinhan Investment, trimmed staff counts.
Analysts say the renewed hiring reflects multiple industry shifts. “Large brokerages appear to be gearing up for expansion in the issuance-bill business,” said Koh Yeon-su, an analyst at Hana Securities. He added that demand may grow further following recent approvals for integrated investment accounts (IMA).
Seoul Yeouido Financial District Skyline (Image courtesy of Yonhap)
Industry officials also noted a rebound in investment banking divisions, which were hit hard by the fallout from the Legoland bond market turmoil and property project-finance woes in recent years. Meanwhile, rising demand for IT and digital talent is reshaping hiring priorities.
Despite the overall increase in headcount, the number of full-time employees continued to edge down — from 26,854 at the end of last year to 26,833 in September. By contrast, contract positions jumped by 380 during the same period, underscoring brokerages’ preference for flexible hiring and incentive-based staffing across sales, IT, and IB operations.
The sector’s physical footprint is shrinking as well. With mobile and online channels expanding rapidly, domestic branch offices have plunged from nearly 1,000 in 2018 to 656 as of September.
Overseas offices have fallen to nine, half the level a decade ago. Domestic business outlets, however, have rebounded slightly this year, while the number of overseas subsidiaries has grown steadily over the past decade.
Mirae Asset Securities remained the country’s largest employer, with 3,449 staff members. It was followed by NH Investment & Securities, KB Securities, Korea Investment & Securities, Samsung Securities, and other major firms.
Ashley Song (ashley@koreabizwire.com)
