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Sung Won Sohn

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BUSINESS
December 28, 2007 | E. Scott Reckard, Times Staff Writer
Hanmi Financial Corp. of Los Angeles, the largest Korean American bank, said Thursday that its president and chief executive, Sung Won Sohn, would retire Monday. Sohn, 63, joined Hanmi at the start of 2005, leaving a high-profile job as Wells Fargo & Co.'s chief economist for the opportunity to run his own bank and earn millions from stock options if its share price rose. The stock bumped its way up from a split-adjusted $18 when he took over to $22.
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BUSINESS
August 15, 2012 | By Shan Li, Los Angeles Times
Shoppers lent a helping hand to the economy in July as retail sales grew by the largest amount in five months, bolstering hope that consumers will continue to buy despite worries over a stubbornly high unemployment rate. The Commerce Department said sales rose 0.8% last month, beating economist expectations of a more modest 0.3% jump. The positive sign follows three previous months of declines that included a 0.7% drop in June. "The consumers are coming back," said Sung Won Sohn, economics professor at Cal State Channel Islands.
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BUSINESS
August 15, 2012 | By Shan Li, Los Angeles Times
Shoppers lent a helping hand to the economy in July as retail sales grew by the largest amount in five months, bolstering hope that consumers will continue to buy despite worries over a stubbornly high unemployment rate. The Commerce Department said sales rose 0.8% last month, beating economist expectations of a more modest 0.3% jump. The positive sign follows three previous months of declines that included a 0.7% drop in June. "The consumers are coming back," said Sung Won Sohn, economics professor at Cal State Channel Islands.
BUSINESS
July 24, 2011 | By Marc Lifsher, Los Angeles Times
The gig: Economist Sung Won Sohn, 66, is always in motion. He holds the Martin V. Smith professorship at Cal State Channel Islands in Camarillo, where he also directs the Institute for Global Economic Research. He's vice chairman of the board of clothing chain Forever 21 Inc., based in Los Angeles, and sits on the boards of Western Alliance Bank Corp. in Phoenix and Torrey Pines Bank in San Diego. And Los Angeles Mayor Antonio Villaraigosa recently appointed the Hancock Park resident to a five-year term on the commission overseeing the Port of Los Angeles.
BUSINESS
July 24, 2011 | By Marc Lifsher, Los Angeles Times
The gig: Economist Sung Won Sohn, 66, is always in motion. He holds the Martin V. Smith professorship at Cal State Channel Islands in Camarillo, where he also directs the Institute for Global Economic Research. He's vice chairman of the board of clothing chain Forever 21 Inc., based in Los Angeles, and sits on the boards of Western Alliance Bank Corp. in Phoenix and Torrey Pines Bank in San Diego. And Los Angeles Mayor Antonio Villaraigosa recently appointed the Hancock Park resident to a five-year term on the commission overseeing the Port of Los Angeles.
BUSINESS
March 27, 1993 | From Times Staff and Wire Reports
Corporate Profits Up Last Year: U.S. corporations boosted their after-tax profits by 10% in 1992, the best showing in four years, the Commerce Department said. Profits totaled $231.8 billion, up from $210.7 billion a year earlier. It was the biggest increase since a 30.9% surge in 1988. Profits dropped by 4.2% in 1989, jumped 8.5% in 1990 and fell 3.7% in 1991. Sung Won Sohn, a Norwest Corp.
BUSINESS
December 15, 2006 | E. Scott Reckard, Times Staff Writer
The holding company for Hanmi Bank in Los Angeles said Thursday that it would acquire two Garden Grove-based insurance agencies that, like the bank, have a largely Korean American clientele. Hanmi Financial Corp. didn't disclose purchase terms for Chun Ha Insurance Services and All World Insurance Services, which sell life, health, commercial, auto and property policies. Ki Hong Park, who founded the brokerages, will stay on as their chief executive.
BUSINESS
January 3, 2012 | By E. Scott Reckard, Los Angeles Times
The mortgage market told a sad story throughout 2011: record low rates, but few people taking advantage of them to buy homes. The likely scenario in the new year, according to many analysts, is more of the same. Although the Federal Reserve has pledged to keep rates low through 2013, the experts say high unemployment and home prices that are still falling in many areas provide little incentive for stressed-out consumers to surge back into the housing market. "I think there may be a little bit of an uptick in units sold," said Doug Duncan, vice president and chief economist at mortgage finance giant Fannie Mae. "But home prices will probably be down again, so the total dollars spent on purchases is likely to be pretty close" to 2011.
BUSINESS
October 4, 1990 | From Times Wire Services
Factory orders climbed an unexpectedly strong 1.8% in August as domestic oil refiners benefited from Iraq's invasion of Kuwait, the Commerce Department said Wednesday. Analysts said the strength of August's orders did not reflect a fundamental gain but was a temporary boost due to sharply higher oil prices. Baghdad's Aug. 2 takeover of Kuwait and the subsequent threat to Saudi Arabia's oil fields boosted the U.S. petroleum refining industry, the department said.
BUSINESS
September 11, 1990 | From Associated Press
Americans took out a seasonally adjusted $4.47 billion more in consumer credit than they paid off in July, the biggest increase in debt in eight months, the government said Monday. The Federal Reserve said consumer credit rose 7.4% at an annual rate following a revised 0.2% gain, or $116 million, in June. The central bank originally had reported the June increase at 0.8%. The July advance was the largest since a 7.8% jump in November and approximated the $4.
BUSINESS
December 28, 2007 | E. Scott Reckard, Times Staff Writer
Hanmi Financial Corp. of Los Angeles, the largest Korean American bank, said Thursday that its president and chief executive, Sung Won Sohn, would retire Monday. Sohn, 63, joined Hanmi at the start of 2005, leaving a high-profile job as Wells Fargo & Co.'s chief economist for the opportunity to run his own bank and earn millions from stock options if its share price rose. The stock bumped its way up from a split-adjusted $18 when he took over to $22.
BUSINESS
September 4, 2012 | By Don Lee, Los Angeles Times
WASHINGTON — Millions of workers in their prime have dropped out of the labor market in recent years, but many older Americans are delaying retirement and being added to the workforce in record numbers. Nearly 1 in 5 Americans ages 65 and older are working or looking for jobs — the highest in almost half a century. The labor participation rates for other age groups have slid since the recession began at the end of 2007, most sharply for younger adults but also for people in their prime working years, their 30s to 50s. The contrasting employment paths of seniors and other age groups reflect a long-term population and lifestyle shift intensified by the recession.
BUSINESS
February 13, 2008 | From Times Staff and Wire Reports
Hanmi Financial Corp., the largest bank catering to Korean American customers, reported a $100-million fourth-quarter loss Tuesday after adjusting its books to reflect a decline in its stock price and sharply increasing its provision for loan losses. The Los Angeles-based parent of Hanmi Bank also said it paid $1.7 million in severance to former Chief Executive Sung Won Sohn, a former Wells Fargo & Co. economist who retired Dec. 31 after running Hanmi for three years. The quarterly loss equaled $2.15 a share, compared with a profit of $17.3 million, or 35 cents, a year earlier.
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