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🇰🇷 South Korea /Economy & Trade

As Banking Goes Digital, Major Banks Cut Entry-Level Hiring by 16%

From Dong-A Ilbo · () Korean

Translated from Korean and summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources Context piece
  • Five major South Korean banks hired 645 entry-level employees in the first half of the year, down from 765 a year earlier.
  • Woori Bank halved its intake to 95, while Shinhan Bank, IBK Industrial Bank and Hana Bank also reduced hiring.
  • The cuts have made competition tougher for graduates seeking jobs in the banking sector.

South Korea’s major banks hired 645 new employees in the first half of this year, about 16% fewer than the 765 they hired during the same period last year.

The five banks included KB Kookmin, Shinhan, Hana, Woori and IBK Industrial Bank. Woori made the largest reduction, cutting its intake from 190 new employees last year to 95 this year. Shinhan and IBK each cut 10 positions, while Hana reduced its intake by five.

The contraction is tightening the entrance to a sector long regarded as one of the country’s most desirable workplaces because of its high average pay and benefits.

Shin Hye-jin, a 26-year-old university student, had hoped to work in banking but recently failed several applications. “I postponed graduation, but hiring has become so limited that I am considering changing my career path,” she said.

I postponed graduation, but hiring has become so limited that I am considering changing my career path.

· Shin Hye-jinA 26-year-old student described the impact of shrinking entry-level recruitment.
About this summary

Originally published by Dong-A Ilbo in Korean. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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