Bankoh to cut 12 workers in investment services division


POSTED: Thursday, June 18, 2009

Bank of Hawaii, citing economic conditions, is laying off 12 people from its investment services division.

The layoffs by the state's second largest bank in terms of assets represents 0.5 percent of its 2,550-employee work force.

“;Bank of Hawaii has been fortunate to be performing well overall, but certainly the economic conditions have affected particular areas within the bank more than others,”; spokesman Stafford Kiguchi said. “;In these instances, we've needed to respond to the changes in business conditions.”;

Kiguchi said the employees will remain on staff for 60 days and have the opportunity to apply for other positions within the bank.

“;Although there are no current plans for broad-based staff reductions, our operations will, like all organizations, be subject to future economic trends,”; Kiguchi said.

In May the bank agreed to sell its retail insurance brokerage to Atlas Insurance Agency Inc., affecting 23 employees who could be retained by the new owner after the deal is finalized.