ICBC has announced the restructuring of its staff, with the elimination of 250 jobs, the majority of which are management positions.

The insurance company’s interim president and CEO Mark Blucher said the cuts have resulted in a reduced executive team. Five members of the executive have left, he said, and two executive positions have been eliminated.

Four non-executive vice-president roles have also been cut.

The company said the reductions go beyond the recommendations from the government review of ICBC earlier this year and bring staffing below 2008 levels.

ICBC said most of the cuts will happen this year.