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Biz News Korea(Eng)

Citibank Korea scaling down to rationalize not pull out, CEO

Collected: 2017.06.06

Distributed: 2017.06.08

Source: Go Direct

Citibank is not pulling out of Korea despite sharp streamlining in organization with the "tranformation" aimed to shift to more profitable businesses, said the chief of the local operation.

Citibank Korea CEO Park Jin-hei, in an email to staff anxious of layoffs after the bank scaled down outlets to 32 from 133, said the changes are designed to focus better on consumer banking through large-scale wealth management and corporate financing instead of staying in the heavily competitive retail banking market.

To back the scheme, Park said he had proposed to the board "to retain the dividends for the business year 2017 in order to build rock-solid digital platform and to successfullly complete new consumer banking strategies, and it was well received."

Employees have been protesting against the radical move that had not been fully consulted with the union and consumers.

Citibank Korea "is here to stay and continue investments as necessary to achieve sustanialbe growth in Korea,"” Park said.

By Roh Seung-hwan

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