Business · Companies · 1 hr ago
South Korea’s five largest banks cut 4,080 permanent jobs as contract roles rise
South Korea’s five largest commercial banks cut 4,080 permanent jobs between the end of 2022 and July, while adding 1,048 non-permanent roles.
The figures cover KB Kookmin, Shinhan, Hana, Woori and NH NongHyup banks, and total staff fell by 3,032.
KB Kookmin had the biggest permanent-job decline, with 2,376 fewer staff in those roles.
The shift is linked to the growth of mobile and online banking, branch streamlining and large-scale voluntary retirement programs.
Banks have reduced traditional branch roles while increasing some contract positions for routine or specialist work.
The changing mix has raised concerns about job security, safeguards against financial misconduct and the quality of customer service.
A lawmaker has called on financial regulators to examine how these staffing changes affect employment stability, internal controls and services for customers.
The five largest South Korean banks had 4,080 fewer permanent employees in July 2026 than at the end of 2022, while contract employment rose by 1,048.
Their combined workforce fell by 3,032 over the same period.
Hana Bank was the only one of the five to increase its total workforce.
The figures come as banks reduce branches and expand digital services, while focusing some hiring on experienced technology and AI workers.
A lawmaker called on financial regulators to assess the effects on job security, internal controls and services for consumers.
- Who
- South Korea’s five largest banks: KB Kookmin, Shinhan, Hana, Woori and NH NongHyup.
- What
- Permanent staffing fell by 4,080, while contract staffing rose by 1,048.
- When
- From the end of 2022 to the end of July 2026.
- Where
- South Korea.
- Why
- The articles cite branch reductions, digital and AI adoption, and workforce restructuring as possible factors. The reasons for the employment changes were not established.
This story does not have two clearly opposing sides.
The staffing comparison period began.
The four banks covered by Maeil Business recruited 1,880 new employees.
Their new-hire total fell to 1,380.
Their new-hire total fell further to 1,280.
The five banks had 4,080 fewer permanent employees and 1,048 more contract employees than at the end of 2022.
- Permanent staff
- Down 4,080, from end-2022 to end-July 2026
- Contract staff
- Up 1,048 over the same period
- Total workforce
- Down 3,032 over the same period
- Hana Bank
- Total workforce increased by 272
- Four-bank new hires
- Estimated at 1,150 in 2026
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What people are saying
Financial authorities should closely examine the effects of these changes on job security, internal controls and financial consumer services.
The financial sector’s demand for labor is fundamentally changing with the AI transition and the expansion of non-face-to-face transactions.