By Kang Seung-woo
Employees of Citibank Korea were found to be the highest paid among people working for the nation’s major lenders, the Financial Supervisory Service (FSS) said Monday.
Based on reports submitted by eight local banks, the financial watchdog said Citibank employees averaged 66 million won ($60,984) in annual salaries in 2010.
The eight banks included Kookmin, Woori, Hana, Industrial Bank of Korea (IBK), SC First Bank, Shinhan and Korea Exchange Bank, along with Citibank.
The state-run IBK came in second with 63 million won, followed by Woori and SC First with 61 million won, respectively.
KEB paid 58 million won to its employees last year, while those of Kookmin and Shinhan received an average 56 million won.
Hana Bank was at the bottom, with its employees getting 50 million won.
Average employment length was 11.6 years at Hana, shorter than workers at other banks. For instance, SC First employees registered an average 18 years.
Also making Hana’s pay lower in comparison is its policy of paying female employees less.
Their pay stood at 36 million won, just half that of their male counterparts.
In terms of the average annual salary of registered executives, Shinhan and KEB ranked at the top for awarding them 643 million won and 601 million won, respectively.
Kookmin, the nation’s largest lender by assets, placed third with 420 million won, followed by IBK, Hana, Woori and Citi, whose pay for management-level workforce, stayed within the 300 million won mark.
Executives at SC First were paid an average of 223 million won.
Registered directors at the nation’s four financial groups earned more than 550 million won last year.
Hana Financial Group paid 792 million won, while KB Financial Group paid 550 million won.
“Commercial banks often exclude incentive and fringe benefits worth millions of won in the report, so actual employee remunerations may surpass the 70 million won level,” said an official of the banking industry.