More than one million jobs in corporate finance, IT and other business functions were lost at large US and European companies in 2008 and 2009.

This is according to new research from strategic business advisory and operations improvement consulting firm The Hackett Group.

The research found that close to 1.1m jobs were lost at large US and European companies in 2008 and 2009 due to a combination of offshoring, productivity improvements and lack of economic growth.

The research also shows that more than 1.3m additional jobs will disappear by 2014 with offshoring becoming a larger and larger factor each year.