Shinhan Financial Group Chairman and CEO Cho Yong-byoung's decision to drop out of the firm's next leadership race, Thursday, is heightening concerns that the banking industry is becoming more susceptible to the government's influence in the appointment of its chiefs. The possibility has been raised of President Yoon Suk-yeol's administration intentionally influencing the industry as the terms for multiple financial services companies' chairmen are approaching their ends starting Dec. 31.