The use of offshoring is not the main contributor to job losses in the banking sector.
According to a report from Deutsche Bank, restructuring is responsible for nearly three-quarters of bank redundancies, with offshoring accounting for around 10 per cent of job losses.
In the report, author Thomas Meyer said: "Offshoring does not explain job cuts. Across Europe, there is no correlation between the share of banks that have offshored IT functions and the changes in bank employment between 2002 and 2006. Other factors - such as the reduction of bank branches in Germany or the catching up in financial development in some eastern European countries - apparently dominate the relation."
