SHARES of China's top two banks retreated in Shanghai yesterday following news reports that some former employees have been protesting against the "unreasonable settlement" for their dismissal years ago.

The Industrial and Commercial Bank of China lost 0.5 percent to 3.89 yuan (63 US cents). China Construction Bank retreated 1.9 percent to 4.21 yuan.

The protesters who gathered outside the headquarters of ICBC and CCB in Beijing yesterday were former employees of the lenders' branches in various provinces, including Shanxi and Liaoning, according to media reports.

An employee working at the headquarters of CCB told Shanghai Daily that such protests have been occurring often. Most protesters were staff who were laid off before the bank went public.

A former employee of ICBC said he was paid 50,000 yuan for 11 years of service to the bank. Most employees received 2,500 to 4,000 yuan for each year they served, according to China Business News.

China's Big Four banks, also including Agricultural Bank of China and Bank of China, have dismissed almost half a million employees after the state-owned lenders launched joint-stock reforms in 2003 to go public, according to media reports.