Sung Won Sohn
Encyclopedia
Sung Won Sohn is a Korean American
economist. He was named one of the top five most accurate economic forecasters in 2001 by Bloomberg News.
. He graduated from Gwangju No. 1 High School in 1962. He came to the United States that year to study economics
as an undergraduate at the University of Florida
in Gainesville
on a partial scholarship. He earned his Master's in economics from Wayne State University
, and then his Ph.D. in the same field from University of Pittsburgh
, where his advisor was Marina von Neumann Whitman
. He is married and has a son, Andrew, who studies at the Harvard-Westlake School
. He also earned an MBA from Harvard Business School
.
administration; she was so impressed by his work that she brought him on board as senior economist. On the council, he was responsible for economic and legislative matters pertaining to the Federal Reserve and financial markets. His report on the Eurodollar
market earned him attention from the president. David Rockefeller
introduced Sohn to the president of the Northwest National Bank of Minnesota, where Sohn would move for his next job. He remained with the bank through various name changes and mergers, as it became Norwest
and then purchased Wells Fargo
in 1998, and rose to the position of chief economist
. In 2005, he moved from Minneapolis to Los Angeles
to take up a position as president and CEO of Hanmi Bank
. He would later become the vice chairman of fashion retailer Forever 21
. He is also a professor of economics at California State University, Channel Islands
. In 2011, Los Angeles mayor Antonio Villaraigosa
appointed him a member of the Los Angeles Harbor Commission, which has oversight authority for the Port of Los Angeles
.
Korean American
Korean Americans are Americans of Korean descent, mostly from South Korea, with a small minority from North Korea...
economist. He was named one of the top five most accurate economic forecasters in 2001 by Bloomberg News.
Personal life
Sohn was born and raised in South KoreaSouth Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
. He graduated from Gwangju No. 1 High School in 1962. He came to the United States that year to study economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
as an undergraduate at the University of Florida
University of Florida
The University of Florida is an American public land-grant, sea-grant, and space-grant research university located on a campus in Gainesville, Florida. The university traces its historical origins to 1853, and has operated continuously on its present Gainesville campus since September 1906...
in Gainesville
Gainesville, Florida
Gainesville is the largest city in, and the county seat of, Alachua County, Florida, United States as well as the principal city of the Gainesville, Florida Metropolitan Statistical Area . The preliminary 2010 Census population count for Gainesville is 124,354. Gainesville is home to the sixth...
on a partial scholarship. He earned his Master's in economics from Wayne State University
Wayne State University
Wayne State University is a public research university located in Detroit, Michigan, United States, in the city's Midtown Cultural Center Historic District. Founded in 1868, WSU consists of 13 schools and colleges offering more than 400 major subject areas to over 32,000 graduate and...
, and then his Ph.D. in the same field from University of Pittsburgh
University of Pittsburgh
The University of Pittsburgh, commonly referred to as Pitt, is a state-related research university located in Pittsburgh, Pennsylvania, United States. Founded as Pittsburgh Academy in 1787 on what was then the American frontier, Pitt is one of the oldest continuously chartered institutions of...
, where his advisor was Marina von Neumann Whitman
Marina von Neumann Whitman
Marina von Neumann Whitman is Professor of Business Administration and Public Policy at the University of Michigan's Ross School of Business as well as The Gerald R. Ford School of Public Policy. She is also a member of the board of directors at the Peterson Institute.Professor Whitman was...
. He is married and has a son, Andrew, who studies at the Harvard-Westlake School
Harvard-Westlake School
Harvard-Westlake School is an independent, co-educational university preparatory day school consisting of two campuses located in Los Angeles, California with approximately 1,600 students enrolled in grades 7 through 12....
. He also earned an MBA from Harvard Business School
Harvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
.
Career
Sohn's Ph.D. advisor Whitman left Pittsburgh to become a member of the President's Council of Economic Advisors under the NixonRichard Nixon
Richard Milhous Nixon was the 37th President of the United States, serving from 1969 to 1974. The only president to resign the office, Nixon had previously served as a US representative and senator from California and as the 36th Vice President of the United States from 1953 to 1961 under...
administration; she was so impressed by his work that she brought him on board as senior economist. On the council, he was responsible for economic and legislative matters pertaining to the Federal Reserve and financial markets. His report on the Eurodollar
Eurodollar
Eurodollars are time deposits denominated in U.S. dollars at banks outside the United States, and thus are not under the jurisdiction of the Federal Reserve. Consequently, such deposits are subject to much less regulation than similar deposits within the U.S., allowing for higher margins. The term...
market earned him attention from the president. David Rockefeller
David Rockefeller
David Rockefeller, Sr. is the current patriarch of the Rockefeller family. He is the youngest and only surviving child of John D. Rockefeller, Jr. and Abby Aldrich Rockefeller, and the only surviving grandchild of oil tycoon John D. Rockefeller, founder of Standard Oil. His five siblings were...
introduced Sohn to the president of the Northwest National Bank of Minnesota, where Sohn would move for his next job. He remained with the bank through various name changes and mergers, as it became Norwest
Norwest
Norwest Corporation was a banking and financial services company based in Minneapolis, Minnesota, United States. In 1998, it merged with Wells Fargo & Co. and since that time has traded under the Wells Fargo name.-Early formation:...
and then purchased Wells Fargo
Wells Fargo
Wells Fargo & Company is an American multinational diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the U.S. by assets and the largest bank by market capitalization. Wells Fargo is the second largest bank in deposits, home...
in 1998, and rose to the position of chief economist
Chief economist
The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis...
. In 2005, he moved from Minneapolis to Los Angeles
Los Ángeles
Los Ángeles is the capital of the province of Biobío, in the commune of the same name, in Region VIII , in the center-south of Chile. It is located between the Laja and Biobío rivers. The population is 123,445 inhabitants...
to take up a position as president and CEO of Hanmi Bank
Hanmi Bank
The Hanmi Bank is a community bank founded in 1982, and encompasses most of California. As of 2008, it owned and operated approximately twenty-two branches....
. He would later become the vice chairman of fashion retailer Forever 21
Forever 21
Forever 21 is an American chain of clothing retailers with branches in major cities in The United States, Puerto Rico, Canada, Europe, Asia, and the Middle East that offers fashion and accessories for young women and men....
. He is also a professor of economics at California State University, Channel Islands
California State University, Channel Islands
California State University Channel Islands is a four-year public university located in Camarillo, California, in Ventura County. CSUCI opened in 2002 as the 23rd campus in the California State University system, succeeding the Ventura County branch campus of CSU Northridge...
. In 2011, Los Angeles mayor Antonio Villaraigosa
Antonio Villaraigosa
Antonio Ramón Villaraigosa , born Antonio Ramón Villar, Jr., is the 41st and current Mayor of Los Angeles, California, the third Mexican American to have ever held office in the city of Los Angeles and the first in over 130 years. He is also the current president of the United States Conference of...
appointed him a member of the Los Angeles Harbor Commission, which has oversight authority for the Port of Los Angeles
Port of Los Angeles
The Port of Los Angeles, also called Los Angeles Harbor and WORLDPORT L.A, is a port complex that occupies of land and water along of waterfront. The port is located on San Pedro Bay in the San Pedro neighborhood of Los Angeles, approximately south of downtown...
.