[Reporter’s Notebook] Banks Pushing for a 4.5-Day Workweek While Financial Transactions Run 24/7

JPMorgan Chase, the world's largest financial company by market capitalization, ordered all employees to return to the office five days a week in March this year. This move reversed the hybrid work arrangements that had been introduced in some departments after the pandemic. Despite internal resistance, CEO Jamie Dimon declared, "The company makes decisions based on clients and business," and shifted to a 'full-time office' system.

The reasons are clear. Fast decision-making, rapid client response, and maintaining organizational culture are considered vital to the financial industry. In addition, the unique characteristics of international finance, such as the need for 24-hour response and regulatory oversight, are also cited as reasons for requiring everyone to return to the office.

This stands in stark contrast to the demand by Korea's financial labor unions for a 4.5-day workweek. While global financial firms are increasing workdays and strengthening in-person collaboration, the Korean unions are moving in the opposite direction. The key issue is the customer. As branch consolidations accelerate, reducing workdays would make branch access even more difficult. Those most affected would be groups that rely on offline financial services, such as the elderly and small business owners. When branches close, people in the blind spots of digital transformation are the first to be left behind. It is inevitable that such demands will be criticized as abandoning the core responsibility of protecting financial consumers.

Other union demands are also difficult to justify. Most notably, they are calling for a 5% wage increase-seeking higher pay while also demanding shorter working hours. Bank employees already earn above-average salaries. According to the Financial Supervisory Service, as of 2024, the average annual salary per employee at the five major commercial banks (KB, Shinhan, Hana, Woori, and NH Nonghyup) is 117.2 million won. This is more than double the average annual salary of 53.38 million won for employees at companies with five or more workers. In addition, the financial union is demanding ▲ an expansion of new hires ▲ an extension of the retirement age, and has announced a general strike for September 26.

The problem is that these demands have no connection to strengthening the global competitiveness of the financial industry. While overseas financial firms are focusing on 'artificial intelligence (AI) and fintech' investments and 'customer-centric services,' Korea's financial unions are putting 'shorter working hours' and 'higher wages' at the forefront. Ultimately, this trend risks isolating Korea's financial sector and causing it to fall behind in global competition.

Financial services are, by nature, an industry built on trust and speed. In the midst of fierce global competition, strikes that focus solely on protecting union interests-while ignoring discussions on improving service quality and competitiveness-are bound to be rejected by consumers. Service quality will deteriorate, competitiveness will weaken, and even jobs could be threatened as a result. Of course, the JPMorgan example may not be the perfect answer. But surely, a strike that is fixated solely on working conditions, without considering clients and the market, cannot be the right answer either.

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