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Please post AWR report header up to and including the top 5 timed events (if needed modify host name and database name).
and I see that the main wait is cpu - also on the awr report.You need to explain how you see CPU as a wait. Presenting the AWR report here would be useful.
In 11gR2, a Resource Manager is enabled by default. That may be constraining your sessions.
Hemant K Chitale