Summer Reading Recommendations from Financial Leaders: The Keywords Are "Great Transformation" and "Autonomy"

Recommended Summer Reads by Financial Group Chairmen and Bank Presidents
Insights Gained from Historic Turning Points
Messages Emphasizing the Importance of Acting with Agency

The key themes selected by this year’s financial group chairmen and heads of major commercial banks for summer reading are “Great Transformation” and “Agency.” With the financial landscape undergoing a major shift due to advancements in artificial intelligence (AI), most of the recommended books offer insight based on pivotal periods of change throughout history. Several books that emphasize the importance of acting with one's own sense of agency also made it onto the recommended lists.

According to the financial industry on August 3, Im Jongryong, Chairman of Woori Financial Group, recommended "The Great Economic Bubble: How Bubbles Reshape Wealth" by William Quinn and John D. Turner, as well as "The Coming Wave" by Mustafa Suleyman, a key figure behind the development of AlphaGo. "The Great Economic Bubble: How Bubbles Reshape Wealth" is a book that examines the major bubbles that have shaken history over the past 300 years. By analyzing who accumulated wealth during the cycles of boom and bust, the book helps readers understand rapidly changing economic conditions. "The Coming Wave" explores the future led by AI and the resulting societal changes.

Jin Okdong, Chairman of Shinhan Financial Group, who is known for his passion for reading, selected Luigino Bruni’s "Comunittas Economy" as his summer recommendation. "Comunittas" refers to community. The book’s subtitle is "How Is an Economy for All Possible?" Explaining his choice, Chairman Jin said, "For sustainable growth, empathy as a value must be sufficiently supported," adding, "When generosity and connection function within the market—when comunittas is realized—an economy for all becomes possible." He further noted, "Finance must look beyond numbers and performance to focus on people and the community."

Ham Youngjoo, Chairman of Hana Financial Group, recommended "Moral Ambition" by Rutger Bregman. The author, known for re-examining the goodness of human nature, asks questions in this book such as, "Where should we direct our talents and passions?" and "Does your success make the world a better place?" Chairman Ham stated, "Now is the time to face pressing, neglected human issues like the climate crisis and poverty with courage, and to embrace a moral ambition to stand on the right side of history," adding, "It is also the time to connect one’s talents to efficient and strategic action."

Lee Hwanju, President of KB Kookmin Bank, chose "The Twelve Great Transformations that Changed World History" by Taesu Kim, who holds a doctorate in history from Göttingen University in Germany. This book highlights decisive turning points that shook the politics, economy, and thoughts of humanity, spanning from the ancient Persian wars to the end of the modern Cold War. President Lee commented, "In every historical transition, the individuals who accurately read the flow of change and proactively adapted led new eras—a lesson that has significant implications for the financial sector even today." He went on, "Examining the choices and outcomes made by humanity in past transformative periods not only enhances our knowledge but also helps us gain a macro-level understanding and long-term perspective on the structural changes we now face."

Jeong Sanghyuk, President of Shinhan Bank, presented "Detailism" by Jo Jeongwook, former CEO of Ambassador Seoul Pullman, as a recommended book. A hotelier with 24 years of experience who also served as general manager at Shilla Hotel Seoul and Jeju, Jo introduces case studies on four key topics: strategic decision-making, talent and organizational culture, crisis response, and differentiation of services and products. The book emphasizes that behind every successful innovation lies a deep understanding of customers and sharp insight into market gaps. President Jeong said, "Every moment of the customer experience must be meticulously designed, and these subtle differences ultimately become the foundation for gaining customers’ trust," adding, "It is a book that presents customer-experience-centered competitiveness, which remains pertinent in the AI era."

Lee Hosung, President of Hana Bank, introduced "War and Presidents" by Steven M. Gillon, Professor Emeritus of History at the University of Oklahoma. The book discusses the consequences of decisions made by seven U.S. presidents—Dwight D. Eisenhower, John F. Kennedy, Gerald R. Ford, Richard Nixon, Lyndon B. Johnson, Ronald Reagan, and George H. W. Bush, who all had military experience during the Cold War. President Lee noted, "The experience of war has served as both a driving force for America’s progress and, in some cases, led to flawed decisions, such as expanding the unwinnable Vietnam War under the shadow of the 'Munich lesson' that dictated communism must not be allowed to prevail." He added, "Past successes can either serve as guiding lights for today's decisions or as shadows that cloud our vision. This is a reminder of the responsibility and impact that a leader’s convictions and decisions can have on decades of history."

Jeong Jinwan, President of Woori Bank, who is currently on vacation this week, recommended "Be Happy on Your Own" by Buddhist monk Beobjeong and "The Buddha's Words: New Interpretations" by Japanese former monk and writer Koike Ryunosuke. These books offer Buddhist teachings related to personal agency, inner peace, and focusing on the present moment. The selection reflects a philosophy of concentrating on the tasks at hand rather than dwelling on past achievements or worrying about uncertainties in the future.

Kang Taeyoung, President of NH Nonghyup Bank, selected "How Philosophy Becomes a Weapon in Life" by Japanese strategy consultant and writer Shu Yamaguchi, and "Youth Bankruptcy" by lawyer Park Gitae, an expert in rehabilitation and bankruptcy, as his summer reads. Regarding "How Philosophy Becomes a Weapon in Life," President Kang stated, "What matters isn’t knowing the right answer but making the best judgment when there is no answer," adding, "The book fosters insight to view the complex business world from multiple philosophical perspectives." On "Youth Bankruptcy," he said, "It encourages us to understand the debt and economic difficulties experienced by young people not merely as personal failings, but as embedded within broader social and economic structures." He continued, "It serves as a reminder of the responsibilities and roles that financial institutions have toward society, and highlights the importance and values of responsible and sustainable finance. It also stresses the importance of developing sound financial habits and credit management."

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