SEOUL, KOREA - Higher-than-expected applications have been received for Samsung Securities' employee reassignment program. According to company sources on July 8, the securities house has received much more than 100 applications for a plan to reassign 100 of their manager-level employees to other Samsung affiliate companies to cope with the worsening performance after the industry-wide recession.

 

The company has not decided whether to increase the number of employees for reassignment or strictly limit the number to 100. The employees will be transferred to other Samsung financial affiliates such as Samsung Card, Samsung Life, Samsung Fire & Marine, and Samsung Asset Management, as well as the marketing division of Samsung Electronics.

 

In addition to the downsizing measure, Samsung Securities has closed seven branch offices. Further eight offices will undergo a consolidation process in which the offices will be reduced to sales branches with fewer than ten staff members. Once Samsung Securities, the No. 1 player in the industry, completes its downsizing moves, many expect that others will follow suit.