Updated August. 16, 2014 02:30
Citi Bank Korea CEO Ha Yeong-ku was reported to receive the highest pay in the first half of 2014 among CEOs of financial holding companies and banks.
According to the Financial Supervisory Service (FSS)s data analysis, retrieval and transfer system on Friday, the first half report submitted by Citi Bank showed that CEO Ha received 2.32 million U.S. dollars in pay over the period. The base salary of CEO Ha was 291,670 dollars. The combined amount of bonus and deferred compensation (performance-based bonus that is paid out over several years) exceeded 1.95 million dollars. Citi Banks internal rules state that the CEOs bonus and deferred compensation can reach 450 percent of the base salary at maximum.
Citi Bank recently had a severe labor-management conflict around the organizational restructuring and voluntary resignation. The bank also recorded loss of 38 million dollars in the first half. CEO Ha, who has been in the CEO position for 14 years since 2001 when he became the Hanmi Bank CEO, received 2.85 million dollars in pay last year to be ranked as the highest-paid CEO in the finance industry surpassing CEOs of other financial holding companies.
Following Ha is Hana Financial Group CEO Kim Jeong-tae with 1.3 million dollars. Others on the list were Shinhan Financial Group CEO Han Dong-woo (814,329 dollars), Shinhan Bank CEO Seo Jin-won (795 million won), Hana Bank CEO Kim Jong-joon (759,000 dollars) and KB Financial Group CEO Lim Young-rok (590,000 dollars). Their take-home pays are likely to be higher than the publicly-reported amount as they receive stocks as incentive based on their performance in addition to the announced compensation.
Woori Financial Group CEO/Woori Bank CEO Lee Soon-woo, Kookmin Bank CEO Lee Kun-ho, KEB CEO Kim Han-jo were not subject to the FSSs public data gathering as their first-half compensation did not exceed 495,000 dollars.