By Lee Min-hyung
Leaders of major brokerage firms have urged staff to be willing to find a "new formula for sustainable corporate growth" in the next 10 years.
In New Year's addresses delivered on Thursday, they stressed that 2020 should become a cornerstone for the brokerages to lay a foundation for growth in the new decade.
"In 2020, we need to lay the groundwork for the next 10 years by establishing systems for sustainable growth and preparation for the future," Korea Investment & Securities CEO Jung Il-mun said in his New Year's address.
He cited toughening competition and regulations as the biggest stumbling blocks for corporate growth.
"Specifically, the brokerage should establish a stronger sales network in the areas of investment banking and property financing to overcome the intensifying market rivalry and government regulations," he said.
The leader of the nation's second-largest securities firm by market capitalization also called on its employees to have a sense of urgency in finding the next growth engines.
"We need to remain agile in finding a new cash cow," he said. "The company will be left behind unless we find new revenue sources that will drive future changes."
Choi Hyun-man, executive vice chairman and CEO of Mirae Asset Daewoo, shared his ambition to turn the company into a global top-tier investment banking player in the next 10 years.
"For the next decade, we will strengthen our expertise in investment while at the same time pushing for thorough risk management," he said. "This will allow us to become a globally renowned investment banking firm."
He went on to emphasize the need for its global expansion.
"The company can take advantage of opportunities for growth in line with the global economy once we tap into new overseas markets," he said.
"This is a very meaningful year in that it marks the beginning of the new decade. In 2020, our total equity capital is expected to top 10 trillion won ($8.64 billion)."
NH Investment & Securities CEO Jeong Young-chae said a fresh growth formula is necessary for the firm's longer-term growth.
"For the past decade, the financial investment industry has developed via asset and risk management," he said. "But we cannot develop our business in this way any longer."
This is largely due to worsening profitability in its asset management businesses and tougher competition, Jeong said.
"Rival firms are seeking to overcome the domestic challenges by aggressively expanding their overseas businesses and differentiating their products by taking advantage of synergies with their affiliates," he said.
Under growing market uncertainty, the NH affiliate also needs to push ahead with a whole new approach for growth, he said.
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| Jung Il-mun, Korea Investment & Securities CEO |
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| Choi Hyun-man, executive vice chairman and CEO of Mirae Asset Daewoo |
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| Jeong Young-chae, NH Investment & Securities CEO |
In New Year's addresses delivered on Thursday, they stressed that 2020 should become a cornerstone for the brokerages to lay a foundation for growth in the new decade.
"In 2020, we need to lay the groundwork for the next 10 years by establishing systems for sustainable growth and preparation for the future," Korea Investment & Securities CEO Jung Il-mun said in his New Year's address.
He cited toughening competition and regulations as the biggest stumbling blocks for corporate growth.
"Specifically, the brokerage should establish a stronger sales network in the areas of investment banking and property financing to overcome the intensifying market rivalry and government regulations," he said.
The leader of the nation's second-largest securities firm by market capitalization also called on its employees to have a sense of urgency in finding the next growth engines.
"We need to remain agile in finding a new cash cow," he said. "The company will be left behind unless we find new revenue sources that will drive future changes."
Choi Hyun-man, executive vice chairman and CEO of Mirae Asset Daewoo, shared his ambition to turn the company into a global top-tier investment banking player in the next 10 years.
"For the next decade, we will strengthen our expertise in investment while at the same time pushing for thorough risk management," he said. "This will allow us to become a globally renowned investment banking firm."
He went on to emphasize the need for its global expansion.
"The company can take advantage of opportunities for growth in line with the global economy once we tap into new overseas markets," he said.
"This is a very meaningful year in that it marks the beginning of the new decade. In 2020, our total equity capital is expected to top 10 trillion won ($8.64 billion)."
NH Investment & Securities CEO Jeong Young-chae said a fresh growth formula is necessary for the firm's longer-term growth.
"For the past decade, the financial investment industry has developed via asset and risk management," he said. "But we cannot develop our business in this way any longer."
This is largely due to worsening profitability in its asset management businesses and tougher competition, Jeong said.
"Rival firms are seeking to overcome the domestic challenges by aggressively expanding their overseas businesses and differentiating their products by taking advantage of synergies with their affiliates," he said.
Under growing market uncertainty, the NH affiliate also needs to push ahead with a whole new approach for growth, he said.
