Local banking groups giving excessive salary to CEOs 국내 은행, 일본보다 수익은 10%·연봉은 3

There are increasing calls for an end to overly excessive executive pay packages in Korea, including those whose management skills have been called into question.
The heads of Korea′s biggest banking groups are taking home much larger paychecks than their counterparts in many other advanced nations, including Japan and the U.S., who oversee much larger and more profitable operations.
Sohn Jung-in has more.
Ousted chief of KB Financial, Lim Young-rok, who was dismissed after being suspended over a series of mismanagement charges, received nearly 600-thousand U.S. dollars in salary during the first half of this year.
Lim′s salary may seem high for some, but it pales in comparison to the heads of other local banking groups.
According to data from January to June period this year, Citibank Korea CEO Ha Yung-ku was paid 2-point-3 million dollars, while Hana Financial Group Chairman Kim Jung-tae received more than 1-point-2 million dollars.
The figure was similar last year with top banking groups′ chief executives taking home bumper bonuses and stock shares on top of their basic salary.
Market watchers claim their paychecks are too high.
The average pay for financial CEOs in Japan is around one million dollars, roughly a third of what their Korean counterparts receive.
But Japan′s banks′ combined net profits are nearly ten times higher than those in Korea.
Korean banks are known to pay their CEOs more than those in the U.S…. even higher than Bank of America, which is the fourth biggest bank in the world.
Data shows that banks in Japan and the U.S. earn half of their profits doing business overseas.
The same figure is under 10 percent for banks in Korea.
Local banks have also come under criticism for lining their pockets while society′s most vulnerable struggle to pay off high-interest loans.
Sohn Jung-in, Arirang News.