Cape Ear Daol Investment Securities Restructuring Begins

Accepted Voluntary Retirement for All Except New Hires
Resignation Letters from All Executive Directors and Above

[Asia Economy Reporter Kwon Jae-hee] Due to market instability and worsening business conditions caused by global interest rate hikes, workforce restructuring has begun, centered on some securities firms. Following Cape Investment & Securities, Daol Investment & Securities will also conduct voluntary retirement.

According to the securities industry on the 24th, Daol Investment & Securities decided to accept voluntary retirement applications from regular employees starting on the 28th. Although the scale of voluntary retirement has not been determined, the total number of regular employees is estimated to be around 100.

A Daol Investment & Securities official stated, "Given the challenging market conditions and lack of business opportunities, it was decided that it is not easy to maintain the workforce continuously," adding, "We plan to reorganize the organization by the end of the year, considering management needs."

Employees who apply for voluntary retirement will be compensated as follows: those with less than one year of service will receive six months' salary, those with one to less than three years will receive nine months' salary, those with three to five years will receive twelve months' salary, and those with over five years will receive between thirteen to eighteen months' salary. New employees are not eligible for voluntary retirement.

All executives at the senior managing director level and above in management-related roles, excluding sales, have submitted their resignations, taking managerial responsibility.

A Daol Investment & Securities official said, "The executives decided to take managerial responsibility," and added, "After reorganizing the organization, executives necessary for management will be reappointed."

Regarding the sales workforce, which mainly consists of specialized contract employees such as those in the real estate PF organization, decisions on contract renewals or terminations are expected around the end of the year, the time of contract renewal.

Meanwhile, other small- and medium-sized securities firms have also undertaken organizational consolidation and workforce reductions.

On the 1st, Cape Investment & Securities decided to abolish the Corporate Division and Research Division due to poor business conditions. Some of the approximately 30 employees in these departments were excluded from contract renewals, effectively resulting in workforce reduction.

It is also known that Ebest Investment & Securities is considering downsizing its Corporate Finance (IB) division.

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