Startled by COVID-19... Banks Shift Headquarters Staff to Remote Work

[Asia Economy Reporter Kwon Haeyoung] As the novel coronavirus infection (COVID-19) rapidly spreads, banks are increasingly shifting to remote work systems in preparation for the worst-case scenario of head office closures.

According to the financial sector on the 29th, Citibank Korea has taken measures from this week to allow some employees at its Seoul head office to work from home until the 2nd of next month.

The remote work applies to employees who are deemed eligible after approval from their department heads at the head office and executives who require quarantine work. Depending on the situation, the remote work period for these executives and employees may be extended.

Shinhan Bank has also arranged for at least 20% of its headquarters staff to work remotely or to work in 4 to 5 shifts at smart working centers instead of the head office.

They have also set up alternative offices in preparation for workplace closures. At Shinhan Bank’s Jukjeon Data Center, a Business Continuity Plan (BCP) office has been established for special departments such as the Solution & Trading (S&T) Center, Foreign Exchange Support Department, Treasury Department, and Financial Settlement Department. Alternative offices capable of supporting work have also been prepared at the head office, Gwanggyo Baeknyeon-gwan, and Yeongdeungpo.

Key personnel by ICT group tasks have been distributed and deployed across smart working centers located in Gangnam, Yeongdeungpo, and Ilsan, as well as Gwanggyo Baeknyeon-gwan and Jukjeon Data Center.

KB Kookmin Bank also began remote work for about 15% of its head office employees starting on the 27th.

NH Nonghyup Bank started implementing remote work from the 28th for up to 30% of its head office staff, divided into four teams. Considering essential personnel per office, all employees of the central headquarters and sales headquarters were organized into four teams on a weekly (5 business days) basis to work remotely within 30% of the total staff. IT personnel are included in the remote work group, while branch employees are excluded.

The transition to remote work in preparation for head office closures due to the spread of COVID-19 is expanding not only among banks but also across the entire financial sector, including card companies. Woori Bank temporarily closed the basement level 1 of its head office on the 26th after a confirmed COVID-19 case visited the area.

This content was produced with the assistance of AI translation services.