Citibank Korea to save 11 branches from shutdown

2017.07.11 14:18:16 | 2017.07.11 16:38:50

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Citibank Korea and its labor union have temporarily agreed on an amended restructuring plan to shut down 90 outlets instead of the initially planned 101 amid growing protest from the bank employees over its large-scale streamlining plan.

After a heated discussion between the union and management, the two parties have settled on a new plan to save 11 outlets from 101 that the management originally planned to close, said the bank on Tuesday.

The bank has decided to rescue the branches in Jeju Island and other areas where there would be no Citibank presence at the provincial level.

While the management added that the streamlining measure was a matter of executive authority and not tied to wage negotiation, it has managed to find common ground with the union by suggesting a modified plan.

The two groups also settled on the so-called “PC-off policy,” a mandatory measure to prevent long work hours by setting computers to automatically shut down after a designated time.

The labor union will hold a vote on Thursday to decide whether to accept the draft settlement.

Citibank Korea announced last month its radical plan to reduce the number of its branches in the country from 133 (including seven branches for institutional clients) to 32 by October.

The bank already closed five outlets in Seoul and Gyeonggi Province on Friday. The Financial Supervisory Service said it embarked on routine investigation to make sure the bank had been in compliance with administrative and consumers measures in closing down the outlets.

By Roh Seung-hwan

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