Arab Today, arab today bank chairmen to face huge wage cut for poor performance
Last Updated : GMT 12:24:19
Arab Today, arab today
Arab Today, arab today

Bank chairmen to face huge wage cut for poor performance

Arab Today, arab today

Arab Today, arab today Bank chairmen to face huge wage cut for poor performance

Seoul - Yonhap

Heads of major financial holding companies in South Korea will face a sharp wage cut starting this year as regulators enforce a performance-based pay system for the top executives, industry sources said Wednesday, a step partly answering to escalating criticism over their moral hazard. The top four financial holding companies -- KB Financial Group Inc., Shinhan Financial Group Co., Woori Finance Holdings Co. and Hana Financial Group Inc. -- have decided to cut the basic salary of their chairmen by 30 percent this year, reducing the average annual salary to 1.44 billion won (US$1.35 million) from 2.05 billion won last year, according to the sources.

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