ILSAN, South Korea - Strikes by union employees at two major banks in South Korea have left thousands of ATMs without cash, according to the Associated Press.
Employees with Housing & Commercial and Kookmin began a strike on Dec. 22 to protest a proposed merger of the banks, one they believe will lead to layoffs, the AP reports. The strike has caused most of the 3,000 ATMs operated by the banks to be left empty, with both banks claiming there is not enough staff to refill the machines.
The merger would create South Korea's largest bank, with total assets of $12.7 billion, the AP reported. In terms of assets, the new merged bank would be among the top 70 in the world, according to industry estimates. Goldman Sachs Group Inc. of the United States is the largest shareholder in Kookmin, with an 11.07 percent stake.
During the Christmas holiday, the number of protesters at a site where striking workers have gathered since the start of the protest dwindled from 15,000 to 8,000. The strikers pledged to continue the effort until merger plans set for June 2001 are dropped.
