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Despite lower profits than their overseas peers, South Korea’s leading banking groups are paying their CEOs a much better salary, data showed Sunday.
The average annual pay last year for the country’s top three banking groups reached an estimated 2.7 billion won ($2.6 million), according to data compiled from multiple financial institutions at home and abroad.
By comparison, three top Japanese banking groups paid their CEOs an average 1.25 billion won, based on a won-yen exchange rate at the end of 2013 of 1,005 won per 100 Japanese yen.
The three South Korean banking groups are KB Financial Group, Shinhan Financial Group and Hana Financial Group. KB posted $1.7 billion in pre-tax profit in 2013, with Shinhan and Hana logging $1.2 billion and $2.5 billion each.
The three Japanese banking groups include Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group. Mitsubishi UFJ earned $14.7 billion in pretax profit last year, followed by Sumitomo Mitsui with $13.5 billion and Mizuho with $9.4 billion.
By tier 1 capital, the core measure of a bank’s financial health, KB ranked 68th in the world, with Shinhan and Hana taking 69th and 84th, respectively.
Mitsubishi UFJ was positioned at 10th, while Sumitomo Mitsui and Mizuho ranked 17th and 21st, respectively.
“Officials at Japanese financial authorities whom I met lately were stunned when they heard about South Korean CEOs’ annual pay,” an official at a local financial institution said.
“It is apparently a problem that CEOs of local financial groups hold no responsibility for accidents while enjoying great power and getting big pay.” (Yonhap)
The average annual pay last year for the country’s top three banking groups reached an estimated 2.7 billion won ($2.6 million), according to data compiled from multiple financial institutions at home and abroad.
By comparison, three top Japanese banking groups paid their CEOs an average 1.25 billion won, based on a won-yen exchange rate at the end of 2013 of 1,005 won per 100 Japanese yen.
The three South Korean banking groups are KB Financial Group, Shinhan Financial Group and Hana Financial Group. KB posted $1.7 billion in pre-tax profit in 2013, with Shinhan and Hana logging $1.2 billion and $2.5 billion each.
The three Japanese banking groups include Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group. Mitsubishi UFJ earned $14.7 billion in pretax profit last year, followed by Sumitomo Mitsui with $13.5 billion and Mizuho with $9.4 billion.
By tier 1 capital, the core measure of a bank’s financial health, KB ranked 68th in the world, with Shinhan and Hana taking 69th and 84th, respectively.
Mitsubishi UFJ was positioned at 10th, while Sumitomo Mitsui and Mizuho ranked 17th and 21st, respectively.
“Officials at Japanese financial authorities whom I met lately were stunned when they heard about South Korean CEOs’ annual pay,” an official at a local financial institution said.
“It is apparently a problem that CEOs of local financial groups hold no responsibility for accidents while enjoying great power and getting big pay.” (Yonhap)
