Year-End Personnel Changes in the Financial Sector Highlight 'Woman Power'

Talent Selection Based on Ability... Cracks in the Glass Ceiling

[Asia Economy Reporter Park Sun-mi] As year-end executive reshuffles are underway in the financial sector, the full deployment of female talent has emerged as a common keyword. With talent being selected based on ability, there is an assessment that cracks are forming in the glass ceiling even in the traditionally male-dominated and conservative culture of the financial industry.

According to the financial sector on the 28th, Hana Bank carried out an organizational restructuring and executive reshuffle the day before, placing female leaders with expertise and leadership at the forefront. The female talent pool from Hana Financial Group’s next-generation female leader development program ‘Hana Waves,’ which recently produced its first graduating class, was actively utilized. Among the 34 graduates of the first Hana Waves class, 22 are female talents affiliated with the bank.

Among them, two women, Park Young-mi, Head of the Customer Happiness Division, and Ko Geum-ran, Head of the Sales Support Division, were appointed as female division heads. Including Kim So-jung, Deputy Head of the Digital Experience Division, Lee In-young, Executive Director of the Consumer Protection Group, and Kim Mi-sook, Head of the Pension Business Division, the total number of female executives and division heads at Hana Bank has increased to five. All were born in the 1970s. A Hana Bank official said, "The prominent feature of this reshuffle is the appointment of female talent," adding, "We placed young leaders with an innovative mindset and expertise at the forefront to invigorate the organization."

Within Shinhan Financial Group, the first female CEO has emerged. Cho Kyung-sun, Deputy Head of Shinhan Bank, was appointed as CEO of Shinhan DS, Shinhan Financial’s digital and ICT specialized affiliate, becoming the first female CEO within Shinhan Financial. Cho, the designated CEO of Shinhan DS, is a graduate of the first class of Shinhan Financial’s pioneering female leader development program ‘Shinhan She-roes.’ For the first time, a female talent was also appointed as Chief Digital Officer (CDO), the digital commander within Shinhan Financial. Kim Myung-hee, a digital transformation (DT) expert with experience at KAIST, IBM, and SK Telecom, and former head of the National Information Resources Service, will assume the role of Shinhan Financial’s CDO (Vice President) starting January 1 next year.

KB Financial extended the term of Park Jung-rim, co-CEO of KB Securities, who made history in 2018 as the first female CEO in the securities industry, for an additional year. Among the top five financial groups, only KB and Shinhan have female CEOs in their affiliates. NH Nonghyup Financial had only one female executive, Lee Soo-kyung, Deputy Head of Nonghyup Bank, appointed last year, but with the promotion of Lee Hyun-ae to Deputy Head this month, there are now two female deputy heads.

Woori Financial, which previously had no female executives, has yet to conduct its executive reshuffle. Having selected 60 participants for the first class of its female leader development program ‘Woori Wing’ in June this year to strengthen female talent’s leadership capabilities, it is expected that the appointment of female executives will follow.

Even in the financial supervisory authorities, where female executives were almost nonexistent, winds of change are appearing. At the Financial Supervisory Service (FSS), the appointment of a deputy director, an executive overseeing supervisory duties in various departments, saw the first internal female executive in the 22 years since its founding. Kim Mi-young, Director of the Illegal Financial Response Team, was appointed as Deputy Director in charge of planning and management. While there have been female executives from outside the FSS, this is the first internal promotion. During her tenure as Director of the Illegal Financial Response Team, Kim was nicknamed ‘Kim Mi-young who catches Kim Mi-young’ because she shares her name with a fictional character ‘Team Leader Kim Mi-young’ who frequently appeared in illegal loan advertisements.

In the financial sector, a culture of personnel appointments based on ability rather than background or gender is gradually spreading, breaking away from the male-centered culture. The lowering of the average age of executives and the increase in female appointments reflect the urgent need for change and innovation in the financial environment. Additionally, as the financial sector pays attention to ESG (Environmental, Social, and Governance) management, a global trend, a social atmosphere focusing on the activities of female executives is forming, which also influences the selection of female talent in the financial sector, breaking the glass ceiling.

A financial holding company official said, "With the emergence of the MZ generation and the segmentation of consumer generations, the demand for hyper-personalized services is growing in the financial sector," adding, "Accordingly, the roles of female leaders with detailed expertise and leadership in meticulous customer management will be strengthened."

This content was produced with the assistance of AI translation services.