I
n the fourth
quarter 1999 issue of GSQ,
the annual Bankcard Acquiring Report, we reported that the parent company
of Bank of Hawaii was eliminating more than 1,000 positions and laying off
about 260 workers as part of a corporate-wide redesign.
Since
then, the stock of Pacific Century Financial Corp., parent company of Bank
of Hawaii, fell 5.8%. The company also reported a 38.2% drop in
third-quarter net profit. The drop was mostly due to a $22.5 million
business redesign but, when it is completed at the end of next year, the
company expects to save $43 million a year.
Pacific
Century chairman and CEO, Lawrence Johnson, said there are signs of
economic recovery in Hawaii and that economists predict a modest increase
in construction activity, tourism growth, and nearly zero inflation, all
indicators of upward trends.
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