Siam Commercial Bank (SCB)'s labour union on Monday ended its protest over salary, performance evaluations and staff rotations after the bank's chief promised it would consider their proposals.
After talks with the bank's president and chief executive, Arthid Nanthawithaya, the union better understands the situation, said Vaidhit Sirisuwan, president of SCB's labour union.
Mr Arthid said the bank has no plans to lay off staff, although it does expect the headcount to decrease.
Some SCB union members gathered on Friday, to demand the bank adjust its salary structure and key performance indicators. They also called for an early retirement programme and asked the bank to apply staff rotations based on employee willingness.
The labour union said if their proposals were ignored, they would continue to protest until receiving a satisfactory response from management. The union earlier planned to stage lunchtime protests every workday.
SCB, the country's second-largest lender by assets, said it would downsize its staff to 15,000 over the next three years from 27,000 at present and transform over 600 branches into one of four new models -- SCB Express, business centre, investment centre and service centre. That move will leave 400 traditional branches remaining, with an eye to embracing the digital era and dealing with falling transactions at brick and mortar outlets.
Despite the downsizing plan, Mr Arthid recently said that the bank had no plans to lay off staff as around 3,000 employees, on average, resign annually.
SCB closed nine branches in 2017 totalling 1,161 by year-end. That number has since fallen to 1,153.
In 2017, 230 brick-and-mortar commercial bank branches were closed nationwide.
Bank branches have shuttered in recent years as online transactions have seen explosive growth, rising 121% last year, while those made at physical branches fell 8%.
For SCB, banking transactions via ATMs and cash deposit machines represent 57% of the total, while mobile banking generates 17% and traditional branches account for the rest.
SCB shares closed yesterday on the Stock Exchange of Thailand at 159 baht, up one baht, in trade worth 1.23 billion baht.