ICBC says it is restructuring.
Five members of ICBC’s executive have had to leave, and two executive positions have been eliminated.
Four vice-president roles have been cut.
The company says once the restructuring is finished, 250 positions overall will have been eliminated — with a majority among management.
It says the cuts bring staffing below 2008 levels and go beyond recommendations from the Government’s review that happened earlier this year.
Most of the cuts will happen in 2012.
The company adds it will be working to finalize further changes — and will bring compensation policy in line with the Government’s new guidelines.
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