Standard Chartered Bank Korea, a local unit of Britain-based banking giant Standard Chartered PLC reportedly let 960 employees go last year and is ready to offer the retirement program to another 200 this year.
Kookmin Bank, the country`s biggest retail bank, which sacked about 200 workers in July is negotiating the retirement program with its management and trade union. Many banks decided to slash jobs to reduce costs, since South Korea is facing an economic slowdown, with export figures and domestic consumption falling.
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