"Why Risk Going to Work?" Bank CEOs Also Work from Home... Banking Sector 'Cautious' Amid 4th Wave Surge

Reduced Business Hours and Expanded Remote Work
But Cluster Infection Cases Emerge, Raising High Alert

On the 18th, when the large-scale spread of COVID-19 continued in Korea, citizens lined up in a long queue at the temporary screening clinic at Seoul Station to get tested. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Park Sun-mi] As the spread of COVID-19 continues, banks are maintaining the one-hour reduction in business hours this week while also continuing to expand remote and distributed work arrangements.

According to the banking sector on the 18th, commercial banks and savings banks located in the metropolitan area will continue the one-hour reduction in branch business hours, which began on the 12th, as scheduled until the 23rd. Business hours are from 9:30 AM to 3:30 PM. If the social distancing level remains at stage 3 or higher after the 23rd, the reduction in business hours is expected to be extended further.

To curb the spread of COVID-19, banks are actively utilizing remote and distributed work for their employees. Shinhan Bank and Hana Bank are operating with 40% of their workforce working remotely or in distributed shifts, while KB Kookmin Bank, Woori Bank, and NH Nonghyup Bank are operating at 30%. Entry of outsiders is prohibited, unnecessary meetings and business trips have been canceled, and non-face-to-face meetings are actively used when necessary.

However, despite the banking sector's efforts to prevent the spread of COVID-19, cases of cluster infections continue to emerge. Recently, confirmed cases have been reported consecutively at the headquarters of Woori Bank and SC First Bank, tightening the banking sector's vigilance.

Bank leaders and executives are also minimizing their movements and actively participating in remote and distributed work.

Recently, the president of Bank A decided not to come to the office for the time being. The number of participants in internal face-to-face meetings has been limited to two, and it was judged that there was no need to take the risk of COVID-19 exposure by coming in. Executives have also decided to work remotely by default unless there is an urgent matter. In the case of Financial Group B, all internal events and business trips that the holding company and the president were scheduled to attend have been canceled. In the case of Bank C, the president has taken a one-week vacation. Although this is not a measure to comply with quarantine guidelines, it appears to be a long vacation considering the COVID-19 situation.

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