Citibank Korea union head says preparation for legal action on the way

Unionized workers at Citibank Korea hold a rally in front of Citibank Korea‘s main office in Seoul to voice opposition to the bank’s plan to withdraw retail business, Friday. (Yonhap)

Unionized workers at Citibank Korea voiced criticism against Citibank Korea’s decision to withdraw its retail banking operations, calling it unilateral.

“(Citibank Korea’s labor union) can‘t accept Citigroup’s unilateral announcement. Since Bloomberg reported on the group’s possible divestiture plan in February, we have been preparing legal action and systematic countermeasures,” said Jin Chang-geun, head of the Citibank Korea labor union. “We’re ready to fight.” 

Jin blamed the management of Citibank Korea for not communicating with the members of the union, assuming that it might had known about its parent company’s decision. 

“We urge the bank‘s CEO Yoo Myung-soon to make follow-up measures transparent, while taking an active role in protecting Citibank employees’ job security,” he said.

The union will further deliver its opposition to the management during a regular meeting slated for Monday, he added.

The US banking giant announced on Thursday evening, local time, that it would exit consumer banking operations in 13 markets including South Korea as part of its global business reorganization. 

The Korean subsidiary said that it will promote “best ways for customers and employees” with the board of directors and the nation‘s financial authorities. 

By Choi Jae-hee (cjh@heraldcorp.com)

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