SEOUL, Mar. 13 (Korea Bizwire) — South Korea’s four major banks reduced their payrolls by more than 9 percent over the past two years due to the fast spread of Internet and phone banking, a corporate tracker said Wednesday. The lenders — KB Kookmin, Shinhan, KEB Hana and Nonghyup — cut their combined workforce by [...]
SEOUL, Feb. 20 (Korea Bizwire) — The government plans to let banks open their payment systems to financial technology firms, in a move that would provide a level playing field for new players and increase competition in the financial industry, officials said Wednesday. The plan was announced at a meeting chaired by Finance Minister Hong [...]
SEOUL, Jan. 28 (Korea Bizwire) — South Korea’s leading lenders have wrapped up their labor deals for the new year that aim to help employees better strike a balance between work and their personal lives, industry watchers said Monday. Late last week, the labor and the management of KB Kookmin Bank reached a deal on [...]
SEOUL, Jan. 14 (Korea Bizwire) — A recent strike by employees of KB Kookmin Bank has raised controversy over idle manpower in the banking sector. Usually, when there is a strike, all operations should stop for a while, creating inconvenience to customers. However, most KB Kookmin Bank branches ran smoothly on the day of the [...]
SEOUL, Dec. 21 (Korea Bizwire) — The financial regulator said Friday it will encourage banks to provide mid-rate policy loans worth 1 trillion won (US$886 million) to desperate borrowers from next year, as part of ongoing efforts to relieve their debt burdens. About 3 million borrowers, who have no option but to borrow money from [...]
SEOUL, Dec. 9 (Korea Bizwire) — Major local banks have been offering or plan to offer voluntary retirement programs to their workers as part of restructuring efforts amid a greater application of digital-driven technology, industry sources said Sunday. Nonghyup Bank announced a voluntary retirement program last month. A total of 610 employees applied for the [...]
SEOUL, Sept. 14 (Korea Bizwire) — On her way home after work, office worker Lee Jun-hee often drops by a nearby bank branch in Gwanghwamun, downtown Seoul. She does so not for banking but for book shopping and “meet the author” events, which are held in a space filled with the aroma of brewing coffee. [...]
SEOUL, Aug. 20 (Korea Bizwire) — Listed companies showed slower growth in net profits in the first half of the year, while banks raked in approximately 20 trillion won in interest fees alone. As the growth rate of listed companies was smaller, banks enjoyed a boom with interest income proving to be a significant driver [...]
Santa Clara, Calif., Aug. 17 (Korea Bizwire) — US mainstream media is reporting on a FBI warning to banks of an impending cybercrime wave targeting ATMs in which thieves seek to steal millions of dollars by using cloned cards for fraudulent withdrawals. Ondot, the global leader in mobile payments services, provides consumers a simple protection [...]
SEOUL, Jul. 30 (Korea Bizwire) — The average annual wage for a bank employee working at South Korea’s top four lenders is nearing the 100 million won (US$89,700) mark, market data showed Sunday. Assessment of quarterly reports by KB Kookmin Bank, Shinhan Bank, Woori Bank and KEB Hana Bank showed that in the first three [...]