Financial companies to slash up to 3,400 jobs

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Financial companies to slash up to 3,400 jobs

Financial companies in Korea will likely cut their work forces by up to 3,400 this year, industry sources said yesterday, because of harsh times in the face of a prolonged economic slump.

Korean banks and foreign banks operating in the country will cut a combined 1,800 workers by the end of this year, while insurers will reduce their workforce by 600. Card and capital companies will also eliminate about 1,000 workers.

The number of jobs to be eliminated this year will make up about 2 percent of 170,000 people employed in the financial sector. That is still relatively smaller than about 5,000 people who were let go in both 2010 and 2011.

The cut will be carried out mostly through voluntary retirement, under which employees leave their companies earlier than their retirement age in return for financial compensation, industry sources said.

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