"Standard Bank has no immediate intention to retrench any of its IT employees, be they permanent or contract employees," spokesman Ross Linstrom said on Thursday.

Trade union Solidarity earlier asked the bank in a news statement to "lay its cards on the table" regarding retrenchment rumours.

Spokesman Johan Kruger said union members employed by the bank believed retrenchments were imminent.

"According to our members, several contractors' contracts will not be renewed and section 189 notices are being prepared for permanent employees."

Staff believed the bank would outsource a large portion of its IT services to India, he said.

Solidarity appealed to Standard Bank to be open from the outset if it was planning to retrench workers.

Linstrom said while there were no immediate plans to outsource IT operations, the bank might review this at a later stage.

"While Standard Bank takes its responsibility to develop and nurture IT skills seriously, the nature and structure of our IT departments will be reviewed as markets and competition changes.

"This we consider to be a prudent part of operating a business and remaining competitive."