The president's office was bathed in bright sunlight pouring through large, full-length windows.
Inside, an L-shaped desk was set up with multiple monitors.
Seok-won, dressed in a deep burgundy silk tie, sat behind the desk reviewing some approval documents.
At that moment, a knock came from outside, prompting Seok-won to raise his head.
"Come in."
Na Seong-mi carefully opened the door and stepped inside.
"President Ko Young-il from Daheung Securities is here."
Seok-won checked the watch on his wrist and looked up at her.
"Already? Time flew. Let him in."
"Yes, sir."
With a polite nod, Na Seong-mi turned and exited, gently closing the door behind her.
Moments later, Ko Young-il, the president of Daheung Securities, entered, dressed in a gray suit.
Standing from his chair, Seok-won walked around the desk and approached him with a warm smile, extending his hand first.
"Welcome."
President Ko shook his hand with a cheerful grin.
"I hope I'm not intruding during your busy schedule."
"Not at all."
With a slight gesture of his arm, Seok-won motioned to the sofa.
"Please, have a seat. Let's talk comfortably."
"Thank you."
Demonstrating their relationship clearly, Seok-won took the central spot on the couch, while Ko Young-il naturally settled into the seat to the right.
Crossing one leg over the other, Seok-won casually asked,
"What would you like to drink?"
"Just coffee will be fine."
Seok-won turned to Na Seong-mi, who was standing quietly to the side.
"Bring us two coffees, please."
"Understood."
With a short reply, she left the room.
As soon as she was gone, President Ko glanced at the monitors and Bloomberg terminals on the desk and let out a quiet laugh.
"These days, your PI team is having a tough time because of you, sir."
"What do you mean?"
Seok-won looked puzzled by the sudden remark.
"With this unprecedented crash due to the foreign exchange crisis, everyone's performance is a mess. But Daheung Venture Capital, under your lead, is pulling off amazing results even in this market—how could that not put pressure on the rest of us?"
It was a joke said with a smile, and Seok-won chuckled lightly.
Ko Young-il had initially been a rather reserved man, but ever since becoming president, he had become noticeably more personable and relaxed.
Seok-won quietly welcomed the change, finding it a positive shift, and responded with a good-natured smile.
"You're not actually scolding your PI team over that, are you?"
"Of course not. We may not be as impressive as Daheung Venture Capital, but thanks to your
early warnings, we managed to adjust our positions ahead of time. Compared to other firms that took massive losses, we held our ground. That alone is a big win."
President Ko Young-il shrugged lightly and continued.
"It's just that the comparison is overwhelmingly one-sided."
Seok-won merely smiled in response without saying anything.
At that moment, Na Seong-mi returned and placed the coffee, rich with the aroma of freshly
ground beans, on the table before quietly stepping out again.
Lacing his fingers together, Seok-won leaned back against the sofa and asked,
"So, what brings you here today?"
President Ko straightened his posture, his tone turning serious as he got to the point.
"The merger is progressing smoothly. We should be able to finalize everything by the end of the year."
"I thought even under the best circumstances it wouldn't happen before the Lunar New Year— that's good news."
Picking up the teacup in front of him, Seok-won continued speaking.
"I suppose the two bank presidents are cooperating sincerely without dragging their feet."
"Your promised bonus seems to be working wonders. They've been very proactive. While there are some employees who are resisting the merger, the bank presidents have been handling them well—either persuading them or suppressing dissent—so I don't expect major issues."
"Good to hear they're earning their money properly."
Seok-won took a sip of his coffee and set the cup down.
"With not just Ilhan and Hanseong Bank, but also four securities firms merging into one, there are plenty of overlaps in branch locations and employee duties."
"That's inevitable when the merger is within the same industry."
"To cut costs and improve efficiency, we're looking at shutting down over 40 branches
nationwide and laying off around 5,000 employees."
As he spoke, Ko placed the restructuring plan he had brought on the table in front of Seok-won.
Opening the folder, Seok-won calmly scanned through the documents, then raised his head and looked at President Ko.
"Five thousand—that's just under a quarter of the total workforce."
"That's correct."
"I assume that number excludes the two bank presidents and the executives who'll be stepping down?"
"Of course."
Lightly tapping the folder with one hand, Seok-won sat in silence for a moment, deliberating.
Then, having made up his mind, he finally spoke again.
"Let's just keep them all."
"Pardon?"
Ko Young-il, who expected Seok-won—known for valuing efficiency—to support downsizing unnecessary personnel, was momentarily taken aback by the unexpected decision.
"...Are you saying we shouldn't go through with the layoffs?"
When Ko Young-il blinked in surprise and asked, Seok-won responded.
"That's right."
Ko looked troubled, revealing a faintly distressed expression.
"If we go that route, there will be too much waste—especially in labor costs."
"I see it differently."
"...?"
"At a glance, they may look like redundant staff, but all of these employees have been working at the bank for at least three years. They're skilled and experienced."
"Well, that's true. Most of the layoff targets are assistant manager level or higher, so they're
bound to be familiar with the job. But isn't it wasteful to have three or four people doing what one person could handle alone?"
Even though Seok-won had guaranteed him enough authority, from President Ko's perspective— tasked with managing the merged bank—trimming excess fat for rapid normalization was a top priority.
"Think about the military. Sergeants slack off because they're near discharge, and new privates are too green to be trusted. So it's the corporals and specialists who do all the actual work, right?"
"..."
"It's the same in companies. Assistant managers and mid-level staff who are proficient in operations are the ones who truly keep the business running."
As Ko silently listened, Seok-won continued.
"You know better than anyone that no matter how prestigious their university, when a new recruit joins, they're essentially useless at first. Everything has to be taught from scratch."
"That's… true."
Ko nodded in reluctant agreement.
"And for a new employee to become fully competent, it takes at least six months of training— time and money. Isn't it a huge waste to fire someone you've invested that much in?"
"Yes, many of the employees slated for layoff are definitely capable. But even so, keeping
unnecessary staff isn't exactly justified either, is it?"
Despite the logic, Ko stuck to his belief that downsizing was necessary.
No matter how competent, idle hands are ultimately unproductive.
"Then let's make sure they're not idle."
"Sorry?"
Seok-won, sensing Ko's skepticism, motioned for him to hear him out.
"First, we'll restructure the current branches to eliminate overlap and open new locations in
underserved areas."
"That might reduce some redundancy, but the number of employees is still too high."
"Then we retrain the surplus staff and reassign them to areas lacking manpower or primed for
expansion—like IT, asset management, or installment finance."
"Hm. Some departments, like IT, require specialized knowledge. Even with training, some
employees might struggle. And the cost—it'll be significant. Is it really worth it?"
From a management standpoint, layoffs were a simpler and more cost-effective solution. All this sounded unnecessarily complicated.
"You're right. It'll cost money. And yes, some won't adapt and may fall behind. But this merger isn't just a business decision—it's a survival strategy during a national economic crisis. That's exactly why I want us to show that we're not abandoning the employees who've stood by the company through thick and thin. If we do that, won't they trust us and feel loyal to the new organization?"
"Hmm…"
Ko reflected on Seok-won's words, his expression serious. After a long pause, he looked up with a sigh.
"Feels like we're taking the hard road on purpose…"
He trailed off but allowed a faint smile to surface.
"To be honest, the idea of firing 5,000 people didn't sit well with me either. Maybe what you're saying is the better path after all."
Seok-won nodded approvingly.
"If we show unity and struggle through tough times together instead of cutting people off
immediately, it might help the merger feel more cohesive—and faster, too."
"Understood. I'll revise the plan accordingly."
Then, with a hint of humor, Ko added,
"Well, looks like I'll have to tear up the entire restructuring plan and start from scratch."
Even though the workload had increased, his expression was much brighter than before.
"It'll be tough, but it's the better choice—for everyone."
"Agreed."
After replying, Ko added with a curious tone,
"By the way, we haven't decided on a name for the newly merged bank yet. Do you have
anything in mind?"
Seok-won, who already had something in mind, answered immediately.
"How about WB Bank ?"
Ko tilted his head, not immediately grasping the meaning.
"May I ask what that stands for?"
"It's from my grandfather's pen name—'Ubo.' I just took the initials in English."
"Ah, that's right. The late chairman's pen name was Ubo (牛步), wasn't it?"
That's why the public interest foundation run by the Daeheung Group was also called Ubo .
"Exactly. It literally means 'the slow step of an ox,' and it reflects the idea of steadily and
steadfastly growing alongside our customers."
"WB Bank, huh…"
President Ko Young-il repeated the name a few times under his breath, then smiled brightly.
"It feels a little unfamiliar, since it's the first time a bank name includes English letters, but the meaning is thoughtful. I think it works well."
"Then let's go with that."
"Yes, I'll make it official."
The two continued their discussion for a while longer about how to operate the newly merged
bank. Eventually, President Ko stood up from his seat.
"Well then, I'll be going now."
"If you run into any trouble, don't hesitate to reach out."
"I will."
Ko gave a brief bow before leaving the room.
Once the door closed, Seok-won slowly walked over to the large glass window on one side of the office.
Outside, snow was gently falling over the city.
Looking out at the whitewashed scenery, Seok-won murmured quietly to himself.
"Now that the IMF's demands are in motion, large-scale restructuring will trigger a flood of
unemployment across the economy. No need for me to add to that number."
Even if most of the surplus workforce could be retrained and reassigned, the merger of two major commercial banks and four securities firms was bound to produce inefficiencies that couldn't be avoided.
But he had more than enough money to bear that burden.
"Sure, it might look like a waste of money, but… sometimes, doing something foolish has its own value."
With a faint smile, Seok-won stood there for a moment, taking in the quiet beauty of the falling snow