June 25, 2018

Citibank Korea CEO denies exit from Korea

PUBLISHED : June 15, 2017 - 16:56

UPDATED : June 15, 2017 - 16:56

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[THE INVESTOR] Citibank Korea CEO Park Jin-hei on June 15 made it clear the bank has no plans for layoffs or exit from the domestic market.

“There will be no restructuring,” Park told reporters in Seoul. “Once again, I’m telling you that we don’t plan to withdraw from Korea.”

His comments came after the bank announced in April that it would shut 80 percent of branches as part of its strategic move to focus more on wealth management and digital banking. The plan faced resistance from the union, sparking speculations about the bank’s exit. 

“Only 2 percent of our customers are expected to visit bank branches five years from now. We cannot put almost 40 percent of employees on jobs that contribute little to our profits,” he said.

According to the bank, about 1,350 employees are working at its 133 branches. The bank plans to slash the number of branches to 32.

Although it has reiterated there will be no layoffs, some employees still predict a sizeable restructuring as early as later this year.

On the day, the bank said it will be starting new internet banking services on June 19 that allow customers to carry out transactions just with ID and password without extra authentication process.

By Park Ga-young (

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