By Dean Seal
Hope Bancorp has reduced its headcount as part of a strategic reorganization that is expected to generate more than $40 million in annualized cost savings.
The holding company of Bank of Hope said Monday that the savings will come largely from the reduction in staffing and a planned branch rationalization.
Chief Executive Kevin Kim said Bank of Hope, which largely serves the Korean American community, is transitioning from a traditional community bank into a regional bank that serves a wider array of consumers, small businesses and corporate customers.
The overhaul, which includes a realignment of the company’s structure and optimization of its production capacity, is expected to create about $12 million in one-time charges in the fourth quarter.
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