The Korean Financial Industry Union staged a sit-in along Sejong-daero in Gwanghwamun, its first such action in about a year, with workers from the state lenders Korea Development Bank, Export-Import Bank of Korea and Industrial Bank of Korea forming the core of the turnout.
Many wore red headbands emblazoned with "general strike," while placards called for blocking regional relocation, introducing a 4.5-day workweek and securing real wage increases.
The strike came a day after the government unveiled plans to review about 350 public institutions in the Seoul metropolitan area for relocation under a "minimum retention" principle, with a detailed list due in the fourth quarter and moves beginning in 2027.
KDB, IBK and Eximbank have not yet been formally designated for relocation.
"Financial companies, policy and supervisory institutions and specialized personnel need to be gathered in one place to exchange information and make quick decisions," union Chairman Yoon Seok-gu said.
He called for the government first to assess how much the first round of public-institution relocations eased concentration in the Seoul area or contributed to regional economies before embarking on another round.
The union is demanding that any headquarters relocation be subject to prior notice and agreement with employees.
It is also seeking a 6 percent wage increase, a 4.5-day workweek, expanded youth hiring, an extension of the retirement age and other institutional changes.
Senior Vice Chairman Yang Min-ho said the six demands formed the core of the union's bargaining agenda.
Yoon said shorter working hours were necessary because financial workers faced heavy performance pressure and demanding schedules that left little time for family life.
The rally also drew lawmakers from both the ruling Democratic Party and the opposition People Power Party.
Democratic Party lawmaker Lee Yong-woo voiced support for the union's call for a 4.5-day workweek, while People Power Party lawmaker Kim Hyung-dong said relocation of public financial institutions should require National Assembly consent.
Union members occupied all lanes of a roughly 450-meter stretch of Sejong-daero between Dongwha Duty Free and the direction of Seoul City Hall during the rally. Average traffic speed across central Seoul slowed to 11.7 kilometers per hour around noon, according to the Seoul Transport Operation and Information Service.
The union said further strikes could follow depending on the outcome of negotiations.
Members voted last month to authorize industrial action with 96.05 percent support and held a mass rally on Aug. 28 to signal preparations for Friday's walkout.
The dispute adds a potentially difficult financial-sector dimension to the government's broader decentralization drive.
The government says it intends to minimize the number of public institutions allowed to remain in the capital region and use relocations to create stronger regional economic clusters.
Financial unions argue that applying the same logic to policy banks and regulators could instead fragment an industry that depends heavily on proximity among institutions, regulators and specialist talent.
AJP Takeaways
- About 15,000 financial workers rallied in central Seoul against the possible relocation of state-run policy banks under the government's second public-institution relocation drive.
- KDB, IBK and the Export-Import Bank of Korea have not yet been formally designated for relocation, with the government set to announce its detailed list in the fourth quarter.
- The Korean Financial Industry Union also demanded a 4.5-day workweek, a 6 percent pay increase, expanded youth hiring and prior agreement on any headquarters move.
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