The number of employees in the securities industry returned to growth for the first time in three years since 2022. Securities firms appear to have increased rolling recruitment in sales, investment banking (IB), and information technology (IT) ahead of approvals for integrated managed accounts (IMA) amid a KOSPI bull market.
According to the Korea Financial Investment Association on the 23rd, the number of employees at 60 domestic securities firms stood at 39,238 as of the end of September, up about 1% from 38,840 at the end of last year. This contrasts with the two-year net decline after peaking at 39,634 in 2022.
Specifically, the number of employees at securities firms increased for a while after 2017 (35,889) and then turned to a decline after 2022. In 2023, the number of employees at securities firms was 39,058, down 1.6% from 2022, and it fell again by about 0.6% last year.
Toss Securities, Kakao Pay Securities, and Woori Investment & Securities led the increase in securities firm headcount this year. In particular, the number of employees at Toss Securities and Kakao Pay Securities rose by more than 20% from the end of last year. The number of employees at Woori Investment & Securities also increased by 17.9%.
A source in the securities industry said, "With the KOSPI surpassing the 4,000 level and the stock market booming, domestic securities firms have been enjoying record-high results this year," and noted, "The atmosphere of large firms fully preparing for businesses related to short-term corporate notes also had an impact."
The number of overseas subsidiaries of securities firms also increased. Over the past 10 years, it has continued to rise from 44 to 64. Domestic business offices fell from 120 in 2020 to 58 at the end of last year, then edged up to 70 as of the end of September. The number of branches continues to decline.
Meanwhile, as of the end of September this year, the securities firm with the most employees was Mirae Asset Securities (3,449). It was followed by NH Investment & Securities (3,127), KB Securities (2,963), Korea Investment & Securities (2,937), Samsung Securities (2,624), Shinhan Investment & Securities (2,575), and Hana Securities (1,772).