SEOUL, Oct. 19 (UPI) -- South Korea's Kookmin Bank is expected to cut more than 3,000 jobs as part of a restructuring plan, sources told the Yonhap news agency.
Sources said 3,200 bank employees had signed up for a voluntary retirement plan that includes three years of salary plus a contribution toward their children's tuition, Yonhap said Tuesday.
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The bank reported second-quarter losses of $310 million, its first losing quarter since its holding company, KB Financial Group Inc., was launched in September 2008.
As of July, KB Financial has had a new chairman, Euh Yoon-dae, and a new bank president, Min Byong-duk.
In September, Min said a restructuring plan would be announced soon at Kookmin, the largest lender in South Korea.