SEOUL, Jun. 19 (Korea Bizwire) — The chief of the financial regulator on Wednesday stressed the need to change the very mindset of bank officials to prevent financial incidents such as incomplete sales. Lee Bok-hyun, head of the Financial Supervisory Service (FSS), made the remark in a meeting with the heads of 20 banks in [...]
SEOUL, Apr. 4 (Korea Bizwire) – The South Korean government has uncovered widespread discriminatory practices against temporary and part-time employees at major financial institutions, including banks, credit card companies, and credit bureaus. In a labor inspection spanning 35 firms during the first quarter, the Ministry of Employment and Labor found a total of 185 violations pertaining [...]
SEOUL, Mar. 20 (Korea Bizwire) – South Korea’s major commercial banks rewarded employees with significant pay raises last year, despite continuing a cost-cutting drive that saw further reductions in staffing levels and branch networks across the country, according to financial filings. An analysis by Yonhap News of the 2023 business reports disclosed by the nation’s four [...]
SEOUL, Nov. 20 (Korea Bizwire) – South Korean banks’ net profit rose sharply from a year earlier in the third quarter on an increase in interest income, preliminary data showed Monday. The combined net profit of 20 banks in the July-October period came to 5.4 trillion won (US$4.15 billion), up 38.2 percent from a 4.2 [...]
SEOUL, Nov. 13 (Korea Bizwire) – The adoption of artificial intelligence (AI) in financial services by commercial banks is rapidly gaining momentum. Specifically, the integration of generative AI, which derives new value by learning from existing data, is being hailed as a pivotal driver of growth within the financial sector and a cornerstone of innovation in [...]
SEOUL, Nov. 6 (Korea Bizwire) – An official from a commercial bank expressed, “I am concerned about the government’s apparent effort to stigmatize banks as public enemies and deflect criticism towards us, beyond merely characterizing us as public resources, all in a bid to placate small business owners and the self-employed.” Once again, following earlier actions [...]
SEOUL, Aug. 29 (Korea Bizwire) — South Korean banks’ second-quarter net profit was flat from the previous quarter as an increase in the Korea Development Bank’s (KDB) net profit offset a decline in ordinary banks’ net profit, preliminary data showed Tuesday. The combined net profit of 20 banks in the April-June period was 7.1 trillion [...]
SEOUL, Aug. 18 (Korea Bizwire) — South Korea’s major banks have recently reported multi-year record profits. Ironically, they are now implementing voluntary retirement programs, even for employees in their 30s. At Shinhan Bank, labor and management recently reached an agreement on voluntary retirement conditions. They have decided to accept applications for several days, starting this [...]
SEOUL, Aug. 11 (Korea Bizwire) — South Korean banking sector has become entangled in a series of massive corruption scandals, revealing serious weaknesses in its internal control systems. The Financial Supervisory Service (FSS) on Wednesday launched an emergency investigation after receiving allegations that employees of DGB Daegu Bank, located in the southeastern city of Daegu, [...]
SEOUL, June 2 (Korea Bizwire) — South Korean banks saw their first-quarter net profit rise 24 percent from a year earlier on higher interest and non-interest income, preliminary data showed Friday. Their combined net profit came to 7 trillion won (US$5.4 billion) in the January-March period, up from 5.6 trillion won tallied a year ago, [...]