Thursday, June 13th, 2013
SEOUL, KOREA - Samsung Securities, the No. 3 securities firm in terms of assets, is pushing ahead with a downsizing plan to cut 100 to 200 staff members through dispatch to other group companies. It may signal further rounds of industry-wide downsizing and branch office closing.
According to Samsung Securities on June 11, the company is currently conducting a survey on employees asking whether any of them has willingness to be shuffled to other affiliate companies within the group. It plans to complete the downsizing by the end of this month.
A company official said, "Most employees to be transitioned are in their experience between five and 13 years and will go to Samsung Electronics, Samsung Life, and Samsung Fire & Marine Insurance."
This is not the first time for Samsung Securities to cut its payroll. At the end of 2011, it allowed 100 employees to leave voluntarily.
In February last year, its Hong Kong subsidiary restructured itself by cutting 80 employees out of 100. The official added, "As voluntary retirement costs too much with bad publicity, we decided to opt this time for transitioning to other group companies."
