Bankoh cutting
more jobs

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By Rick Daysog
Star-Bulletin

Bank of Hawaii's parent company said it will eliminate 40 jobs in Hawaii under a restructuring spearheaded by Chief Executive Officer Michael O'Neill.

In a two-page filing with the state Department of Labor and Industrial Relations, Pacific Century Financial Corp. said the cuts will cover support positions for the company's Asia, South Pacific and California operations.

In April, Pacific Century announced that it was selling its 19-branch Southern California subsidiary as well as its Asia-Pacific holdings to refocus on the Hawaii market. The move will result in the loss of 1,000 jobs outside Hawaii, although the company previously said the job impact in Hawaii would be minimal.

The company said it expects to lay off about 10 employees starting July 31. The remaining 30 positions will likely be eliminated through attrition or voluntary retirement.

The Bank of Hawaii employs about 2,700 in the isles.

The job cuts are the latest in a series announced by the Bank of Hawaii in recent years.

As part of its New Era Redesign, the company eliminated about 1,000 jobs from its payroll starting in 1999. The program was completed in September and most of the positions eliminated were in Hawaii.