JP Morgan cancels $5B outsourcing deal with IBM
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NEW YORK - IBM Corp. lost one of its highest-profile outsourced-IT clients on Wednesday, as JPMorgan Chase & Co. said it is canceling the remaining portion of a contract that was intended as a seven-year, $5 billion deal.
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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. ...
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Oracle will eliminate about 5,000 jobs following its $10.3 billion acquisition of PeopleSoft, the company said Friday.ADVERTISEMENTWhite paper: Solutions to Address IT Control RequirementsLearn how BMC Software Solutions address requirements such as the Sarbanes-Oxley Section 404 in this 20 page whitepaper!
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After internal documents revealed plans to send nearly 5,000 jobs to developing countries over two years, IBM became an easy target for critics of outsourcing. Will limiting layoffs take the sting out of moving these jobs abroad?
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J.P. Morgan Chase & Co.  said on Wednesday it was canceling a &#36;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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The move by JPMorgan Chase to cancel a $5 billion technology services contract with IBM may show &quot;megadeals&quot; are going the way of the dinosaur.
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NEW YORK Sept. 15, 2004 - JPMorgan Chase &amp; Co. says it will rehire 4,000 workers whose jobs it had outsourced to IBM, bucking a corporate trend in information technology.
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Oracle Corp.  will cut 5,000 jobs as it combines with PeopleSoft Inc., the business software rival it acquired for &#36;10.3 billion after a bitterly fought takeover battle, the company said on Friday.
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IBM said Monday that it won a Â£500 million (AUD$1.25 billion), seven-year services contract to help move UK bank Lloyds TBS from its traditional voice infrastructure to a converged voice and data network.
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Morgan Stanley  on Wednesday  posted a stunning fourth-quarter loss after recording a  bigger-than-expected $9.4 billion of write-downs and said it  sold a $5 billion stake to China Investment Corp to bolster its  capital.
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The company, battered by the subprime crisis, said it would sell a $5 billion stake to a Chinese investment.
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ack in December 2002, when J .P. Morgan Chase announced the seven-year, $5 billion deal to outsource much of its data processing to IBM, both companies bragged that the contract, the
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Northern Rock  turned down an offer of 500 million pounds in funding from U.S. investment bank JPMorgan  that could have eased its liquidity problems, the Daily Telegraph said on Friday.
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The inexorable march of outsourcing took an abrupt about face Wednesday, when JPMorgan Chase bank canceled its $5-billion outsourcing deal with IBM and said it would take back the 4,000 employees working at IBM on the bank&#39;s IT programs.
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As part of the settlement, UBS will withdraw its claim for about $5 million against Enron.
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China has agreed to pump $5 billion into Morgan Stanley as the U.S. investment bank reported a stunning fourth-quarter loss fueled by $9.4 billion in write-downs in subprime mortgages and other assets.
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The cancellation of a $5 billion outsourcing contract with J.P. Morgan Chase reveals a huge potential exposure for I.B.M.