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Citibank starts shutting down branches in South Korea

Staff Writer |
Citibank Korea began shutting down five physical branches in the country Friday.

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This is part of its plan to reorganize its operations, according to an industry source.

Citibank has said it will drastically cut the number of its physical branches to 25 from 126 but claimed that it will not lay off employees.

Five branches of Citibank in Seoul and Gyeonggi Province were being shut down Friday and 30 more branches will be closed by the end of this month.

An unspecified number of staff members at the five branches facing closures will be relocated to the bank's headquarters or other operational centers.

The move has been criticized by the labor union of Citibank Korea and some politicians for leaving customers without easy access to key financial services.

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