JP Morgan Cancels IBM Pact
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JP Morgan Chase (JPM:NYSE - news - research) and IBM (IBM:NYSE - news - research) are getting a divorce, ending a $5 billion computer outsourcing deal just two years after it began.
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SEOUL, South Korea, Nov. 23 Â Lone Star Funds, the private equity firm based in Dallas, canceled an agreement to sell its controlling stake in Korea Exchange Bank to Kookmin Bank, South KoreaÂs biggest lender, citing Âpolitically motivatedÂ prosecutors who have been investigating the deal.
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HONG KONG-The government here has cancelled the $2.7-billion initial public offering for Link REIT, which would have privatized 180 retail malls and car parks on public housing estates through a quoted REIT.
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IBM, the company that transformed personal computers from a hobby to an industry with the introduction of its PC line in 1981, will bow out of the increasingly low-margin market through a partnership
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Business & money: Deal forced to be scrapped as the fallout from the sub-prime markets continues to spread
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WASHINGTON  - J.P. Morgan Chase & Co.  said on Wednesday it was canceling a $5 billion outsourcing deal with IBM Corp.,  and planned to rehire about 4,000 workers who had been transferred to IBM under the pact.
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JPMorgan Chase & Co.  has canceled its auction of assets from two troubled Bear Stearns Cos. Inc.  hedge funds, a source familiar with the matter said on Wednesday.
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J.P. Morgan Chase & Co. JPM.N posted  lower third-quarter earnings on Wednesday, missing analyst  expectations, as costs from its July merger with Bank One Corp.  and anemic fixed-income trading revenue hurt profits.
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IBM Corp has signed a seven-year deal to manage the voice and data services of London, UK-based financial institution Lloyds TSB. The contract is estimated to be worth $972.5 million.
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The approved merger of Spanish toll road operator Abertis with Italian counterpart Autostrade is cancelled.
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UK brokerage Cazenove effectively gave up 181 years of independence on Friday when it sealed a joint venture with JP Morgan Chase &amp; Co.
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Malcolm Glazer's bid to buy Manchester United suffered a serious setback after the American's bankers JP Morgan dramatically resigned.
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Morgan Stanley is cutting loose its credit card unit and its 50 million members.
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J.P. Morgan Chase & Co. JPM.N, said  on Wednesday it was scrapping a $5 billion outsourcing deal  with IBM Corp.IBM.N, amid an overall plan to manage more of  its own technology services.
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Cazenove and JP Morgan have agreed a joint venture that effectively ends 181 years of independence for the UK stockbroker. The new venture, to be called JP Morgan Cazenove
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NEW YORK -- JPMorgan Chase &amp; Co. plans to undo a technology outsourcing deal with International Business Machines Corp., taking back about 4,000 employees and contractors from the computer giant.
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BusinessWeek Online - The announcement sent ripples of anxiety through the tech world. On Sept. 15, J.P. Morgan Chase &amp; Co.  said that it was terminating a seven-year, &#36;5 billion technology-outsourcing deal with IBM. For many, it's an article of faith that corporations will gradually hand off ever more of their technology operations to big service providers such as IBM, Accenture , and Electronic Data Systems . Yet here was the nation's second-largest bank taking its tech back because it was strategically too important to be left to an outsider. ...