Financial sector sheds 1% of jobs this year

The number of employees in South Korea's financial industry has declined nearly 1 percent in the first six months of the year amid a protracted industrywide slump and subsequent restructuring moves, data showed Sunday.

As of end-June, the number of employees at 117 major local financial companies -- including banks, and insurance, securities and card firms -- stood at 194,106, down 1,919, or 1 percent, from the end of last year, according to the data compiled by corporate researcher CEO Score.

The reduction in the sector's workforce is part of cost-cutting efforts as financial firms have been struggling amid low interest rates and a setback in the local stock market.

Credit card firms laid off the largest number of workers, letting go of 860, or 6.6 percent of their workforces, followed by banks with 690, consumer finance companies with 395 and securities firms with 216, the data showed.

By company, Hyundai Card Co., a major card firm, released the most employees, removing 463 over the cited period, followed by Hyundai Capital Co. with 434 and Kookmin Bank with 407. (Yonhap)