The revelation of Bank of Hope president Kevin Kim’s salary, approximately $840,000 a year, has sparked an interest in the earnings of U.S.-based Korean banks.
Kim earns a base salary of $840,000, according to the recent data released by the Securities and Exchange Commission (SEC). That marks a 29 percent increase from Kim’s 2014 salary of $650,000, when he led BBCN prior to its merger with Wilshire Bank that gave birth to today’s Bank of Hope. This year, Kim became the first president of a U.S.-based Korean bank to earn more than $800,000 in salary. In addition, he reportedly could earn up to $630,000 in bonuses.
Hanmi Bank president Chong-guk Kum’s salary rose by 36 percent from 2014 to this year—from $450,000 to $610,000. Kum could also double his salary depending on his bonuses.
For unlisted Korean banks, most of their presidents are earning around $300,000.
Pacific Bank president Hae-young Cho earned $630,000 in 2015, while CBB Bank president Joanne Kim’s total salary including bonuses topped out at $330,000 in the same year. Open Bank’s Min Kim earned a total of $660,000 including bonuses.
Meanwhile, Cathay Bank president Dunson Cheng’s 2017 salary was $950,000 in addition to his $1.3 million in bonuses. Including other incentives, it has been reported that he earned a total of $3.17 million last year.
By Sungcheol Jin