Offshoring is not a main contributor to job losses in the banking sector, says a report from Deutsche Bank.
The bank says restructuring is responsible for nearly three-quarters of all bank redundancies. It said offshoring only accounted for around 10% of job losses.
Report author Thomas Meyer said, "Offshoring does not explain job cuts. Across Europe, there is no correlation between banks that have offshored IT functions and changes in bank employment between 2002 and 2006."
Meyer said other factors, such as the reduction of bank branches in Germany or the catching up in financial development in some eastern European countries, had a greater effect on employment.
The effect of offshoring may increase however, said the report. It said half of the retail banks across the world were planning some type of offshoring in their IT functions within the next five years.
Up to now, 38% have gone down the offshoring route.