More than 1,700 workers were found to have been laid off last year from listed financial companies due to restructuring of the financial sector. It is estimated that thousands more were laid off if unlisted companies are included.
Based on the business reports from listed financial companies, Korea’s Financial Supervisory Service announced that the total number of employees as of the end of 2016 had decreased from the year before by 1,713 persons (1.9%) to 89,483.
Total employees at 13 listed insurance companies decreased by 970 to 36,567 last year, while the number of employees in the 12 financial holding companies and listed banks decreased by 462 to 30,788. The number of employees in 20 listed stock firms also decreased by 281 to 22,128. These figures do not include employees in unlisted stock firms and commercial banks.
By major company, 361 employees were laid off from MERITZ Fire & Marine Insurance, followed by 298 from Mirae Asset Life Insurance, and 288 from Heungkuk Fire & Marine Insurance. It was also discovered that Woori Bank had laid off 316. It is estimated that thousands more were laid off in the major three financial sectors once unlisted companies are included.