August 20, 2024
SEOUL – The average earnings of bankers at South Korea’s four major banks in the first half of this year amounted to 60.5 million won ($45,300), surpassing the pay at some of the country’s largest companies.
According to recent public disclosures reported by the banks to the Financial Supervisory Service, Hana Bank led the pack, offering 67 million won on average to its employees over the first six months. KB Kookmin Bank and Woori Bank followed at 60 million won each, while Shinhan Bank provided 55 million won.
In a straightforward comparison, the average salary at the four commercial banks, 60.5 million won, surpassed the 54 million won paid by South Korea’s biggest corporation, Samsung Electronics, during the same period. SK hynix, the second-largest chipmaker, paid 52 million won, while leading automaker Hyundai Motor offered 42 million won.
Although the average first-half salary at the four banks decreased by 1 million won from the previous year, major companies also experienced slight declines or minimal increases in wages. Last year, Samsung Electronics paid 51 million won, SK hynix 73 million won and Hyundai Motor 45 million won to their employees.
Employees at financial holding companies earned even more than those at the banking subsidiaries, with an average six-month salary of 89.25 million won. Woori Financial Group topped the list with 97 million won, followed by Hana Financial Group at 94 million won, Shinhan Financial Group at 86 million won and KB Financial Group at 80 million won.
In the banking sector, foreign operators Citibank Korea and Standard Chartered Bank Korea surpassed the four major local banks, with average salaries of 70 million won and 64 million won, respectively. Online-only Kakao Bank also paid slightly more, with an average of 62 million won for the six months.
In the broader financial industry, Dunamu, operator of Korea’s largest cryptocurrency exchange Upbit, led with an average salary of 133.73 million won in the first half of the year. This amount more than doubled from the 59.44 million won from the same period last year and exceeded the 116 million won annual average paid by the four major banks in 2023.
The crypto giant also led in executive compensation, with Dunamu Chairman Song Chi-hyung receiving a staggering 4.74 billion won for the first half of the year, including a base salary of 1.45 billion won and 3.29 billion won in bonuses.
Inside the banking sector, Citibank Korea CEO Yoo Myung-soon had the highest total compensation at 2.08 billion won, followed by Hana Financial Group Chairman Ham Young-joo at 1.82 billion won and KB Kookmin Bank CEO Lee Jae-keun at 1.49 billion won.
Meanwhile, the gender wage gap was pronounced in the public disclosures, with holding companies paying female employees about 32 percent less — around 31 million won — than their male counterparts. Woori Financial Group exhibited the largest disparity, with male employees earning nearly 70 percent more than female employees.
At the four major banks, the gender wage gap averaged around 30 percent, with Shinhan Bank showing the greatest difference at 16.25 million won between male and female employees.