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Biz News Korea(Eng)

Citibank Korea shutters 5 outlets, FSS begins probe

Collected: 2017.07.08

Distributed: 2017.07.10

Source: Go Direct

Citibank Korea’s decision to shutter five outlets has invited probe by financial regulators to check if the closure had been in compliance with local rules.

The bank which previously announced shutdown of 101 out of 126 brick-and-mortar outlets to focus more on online banking on Friday first closed five outlets mostly located in Seoul and near Gyeonggi province. The bank maintained there would not be any massive layoffs in the restructuring.

Around 40 employees are expected to be relocated to other outlets or the headquarters next week.

Its streamlining plan has prompted strong protests from its employees arguing that the company had not fully consulted with its union.

The Financial Supervisory Service said it embarked on routine investigation to make sure the bank had been in compliance with administrative and consumer measures in closing down the outlets.

By Roh Seung-hwan

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