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KB Kookmin Bank to reduce workforce in January 2017

KB Kookmin Bank plans to cut about 13% of its workforce via a voluntary retirement program in order to improve productivity, Yonhap News Agency reported Dec. 23.

The layoffs will take effect Jan. 19, 2017.

The KB Financial Group Inc. unit will pay up to three years' worth of salary to those who apply for the program. So far, about 2,800 employees have applied for the program.