Shinhan Financial Group layoffs, on the record
Every job cut, severance charge and restructuring Shinhan Financial Group reported in its annual reports, 2023 to 2025, quoted from the filings. Headcount went from approximately 23,584 to approximately 29,620.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 20-F for 2023 | approximately 23,584 | — |
| 20-F for 2024 | 30,147 | — |
| 20-F for 2025 | approximately 29,620 | — |
Job cuts, severance and restructuring
Our summaryThe filing describes Korea's Corporate Restructuring Promotion Act and debt restructuring programs for borrowers, which are not layoffs by the company.
Word for word“The Corporate Restructuring Promotion Act was enacted on August 3, 2007 (expired on December 31, 2010), May 19, 2011 (expired on December 31, 2013), January 1, 2014 (expired on December 31, 2015), March 18, 2016 (expired on June 30, 2018), October 16, 2018 (expired on October 15, 2023) and December 26, 2023 (to be expired on December 25, 2026).” 20-F for 2024
Our summaryGeneral and administrative expenses rose partly because the company paid more in severance and voluntary retirement payments, as more employees took voluntary retirement in 2025 than in 2024.
Word for word“General and administrative expenses increased by 4.7% to W 6,403 billion in 2025 from W 6,116 billion in 2024, primarily due to (i) higher employee compensation expenses related to share-based compensation arrangements following an increase in our year-end share price, (ii) increased employee welfare expenses reflecting insurance contributions for voluntary retirees and an increase in the national pension contribution cap, and (iii) higher severance and voluntary retirement payments due to a larger number of voluntary retirees in 2025 compared to 2024.” 20-F for 2025
Shinhan Financial Group has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Shinhan Financial Group’s annual reports (20-F for 2025, 20-F for 2024, 20-F for 2023) and the financial data it files with the SEC, as of 2026-04-22. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.