StarBulletin.com

CPB cuts 90 positions


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POSTED: Thursday, April 29, 2010

Central Pacific Bank, which is undergoing a restructuring to improve its capital ratio and focus on its core business, has cut 90 positions, including 40 that were occupied by employees.

Those workers were put into an employment pool that the bank will maintain until June 30, spokesman Wayne Kirihara said yesterday.

“;That will provide them with priority consideration over other vacant positions and any positions that become vacant going forward,”; he said.

Kirihara said the other 50 positions involved in the restructuring had been unfilled.

“;This was the staffing structure that we felt was the right size,”; he said.

Most of the positions cut were at the management level, and the positions that interact directly with customers were not affected, he said.

In addition, Central Pacific last week consolidated its Bethel Street branch into its main branch a couple blocks away and tomorrow will consolidate its Kapiolani branch into its Keeaumoku branch. Both consolidations were previously announced.