Massive job cut leads to KB Financial Q4 loss

KB Financial Group swung to a loss in the fourth quarter from a year earlier due to a massive one-off charge for its job-cut program.

According to Yonhap News Agency, net loss came to US$207 million in the October-December period compared with a profit of US$16 million during the same period a year earlier, the group said in a regulatory filing.

Revenue edged up 0.96 per cent on-year to US$5.49 billion while operating loss stood at US$123 million, a turnaround from a profit of US$63.8 million won a year earlier, the group noted.

The fourth-quarter loss came after flagship unit Kookmin Bank spent nearly US$612.2 million on its massive voluntary retirement program in November, aimed at bolstering efficiency and profitability.

Kookmin Bank, the country's top lender, dismissed more than 3,000 employees, or 12.5 per cent of its total workforce, in exchange for retirement compensation and other benefits.

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