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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] Woori Financial Group is facing growing internal tensions after slipping to fifth place in first-quarter earnings rankings, compounded by fresh allegations of misconduct within its labor union.
According to financial industry sources on May 15, a union official at Woori Bank posted a message on the company’s internal bulletin board raising concerns over union governance and ethics. The post reportedly detailed allegations that some union executives misused union funds for personal expenses, including the purchase of high-end golf apparel and hosting workshops at golf courses.
The official also criticized the union’s organizational structure, claiming it operates with more than double the number of executives compared to peer banks, despite ongoing staffing shortages in frontline business operations.
The post was quickly removed from the internal system but is said to have spread externally via anonymous workplace platforms, intensifying the controversy. In response, the union chairman reportedly sent a company-wide email stating that the allegations would be reviewed to verify the facts.
This is not the first instance of internal conflict involving the union. Last year, some union members filed a police complaint over alleged “payback” practices linked to union leadership.
The controversy comes at a time when Woori Financial is already under pressure from weaker earnings. The group reported net profit of KRW 603.8 billion in the first quarter, falling behind NongHyup Financial Group and dropping to fifth place among financial holding companies—an unusual shift in industry rankings.
At the banking unit level, Woori Bank also trailed NH NongHyup Bank, signaling potential cracks in the long-standing “Big Four” banking structure.
Industry observers say the combination of performance pressure and internal governance issues is heightening organizational strain, with calls growing for Woori Financial to address not only earnings recovery but also corporate culture and internal trust.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
https://www.alphabiz.co.kr/news/view/1065541556522967
This article is based on global economic content from Alphabiz, which distributes English-language news on Korean markets and companies to international audiences.
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