SEOUL, KOREA - Hyundai Securities will close a total of 18 sales office by the end of next month, after recently implementing a large-scale downsizing in the form of a voluntary retirement program.

 

Currently the total number of Hyundai's sales offices is 115, including nine wealth management centers, 100 branch offices, and six mini offices. Once the sales office consolidation program is completed, the number will shrink to 97.

 

The company will begin the program from September 27 and the offices to be closed will halt their operations by September 26. In June last year, the company announced that it would institute a large-scale restructuring including downsizing, sales office consolidation, and main office organizational change. With the reform, the company expects to save more than 100 billion won a year.

 

For four business days from August 6, Hyundai Securities took applications for voluntary retirement and received 200 applications, accounting for about 8 percent of the total workforce of 2,540.