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Financial Industry CEOs Return their Annual Salaries to Create New Jobs
Selfless Act
Financial Industry CEOs Return their Annual Salaries to Create New Jobs
  • By Jung Suk-yee
  • September 10, 2015, 03:30
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Stacks of South Korean won for delivery to commercial banks at the Bank of Korea’s headquarters in Seoul.
Stacks of South Korean won for delivery to commercial banks at the Bank of Korea’s headquarters in Seoul.

 

In a bid to create new jobs, chief executive officers at financial firms are sharing the burden. With the start with the CEOs of KB Financial Group, Shinhan Financial Group, and Hana Financial Group, more and more CEOs of their subsidiaries are returning their annual salaries to the company.

According to financial industry sources on Sept. 9, Shinhan Financial Group has internally set the level of returns for CEOs and executives of their subsidiaries.

Shinhan Bank President Cho Yong-byoung has decided to return 30 percent of his salary, which is the same level as Shinhan Financial Group Chairman Han Dong-woo, from Sept. The figure for the CEOs of Shinhan Financial Group’s subsidiaries, including card, investment, life insurance, asset management and capital, is 20 percent. Also, CEOs and vice presidents of its other groups will return 10 percent of their wages.

For KB Financial Group, presidents and executive directors of its subsidiaries will return a certain level of their annual salaries. Eleven CEOs of its subsidiaries, including KB Kookmin Card CEO Kim Duk-soo, will return 20 percent of their wages, while other executives will return 10 percent.

The CEOs and executives of Hana Financial Group’s subsidiaries will also return a certain level of their annual salaries, about 10 to 20 percent.

Earlier, KB Financial Group Chairman Yoon Jong-kyoo, Shinhan Financial Group Chairman Han Dong-woo, and Hana Financial Group Chairman Kim Jung-tai announced they are returning 30 percent of their annual salaries on Sept. 3 in a bid to secure funds for new employment. On the following day, DGB Financial Group Chairman Park In-gyu, BNK Financial Group Chairman Sung Se-hwan, and JB Financial Group Chairman Kim Han announced a return of 20 percent of their wages. In addition, Woori Bank is also considering the range and the level of the wage return.