Shinhan chief calls for a rethinking of corporate culture

Shinhan Financial Group Chairman Cho Yong-byoung speaks during the ″Shinhan Culture Forum″ held for the first time online on Wednesday. [SHINHAN FINANCIAL GROUP]

Shinhan Financial Group held its first "Shinhan Culture Forum" on Wednesday.

The forum, which brought together the group's high-ranking executives online, is intended to reform the financial company’s organizational culture to adjust to the changing landscape of the financial sector affected mainly by digitization and different needs of younger customers and employees.

Chairman Cho Yong-byoung stressed on the need to "delete what is unnecessary" to create something new during the forum. He pointed to conventional work processes as something to get rid of, to embrace a new, more creative, working environment.

Cho ordered leaders of group companies to restructure their organizations so that middle managers can effectively help younger workers bring their creative ideas to the workplace.

Cho said the group will be holding the Shinhan Culture Forum every year to continue to improve the group's organizational culture.

Group companies have been ordered to report on their progress in improving their organizational cultures at a meeting scheduled for August.

BY KIM JEE-HEE [kim.jeehee@joongang.co.kr]