Samsung Securities to Cut Jobs, Branches Amid Declining Earnings
The company will accept voluntary early retirement from employees who have worked more than three years and will reduce executives’ expenses by 35 percent, Chief Executive Officer Kim Seok told staff members today, according to an e-mailed statement from Samsung.
South Korean securities firms posted combined losses of 109.8 billion won ($106 million) for the nine months through December, the first deficit since 2002, the Financial Supervisory Service said on Feb. 20. The losses compared with profit of 787.7 billion profit a year earlier, FSS data show.
Shares of Samsung Securities fell 1.5 percent as of 10:13 a.m. Seoul time. The stock lost 5.7 percent this year, compared with the benchmark Kospi index’s 1 percent drop.
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