JPMorgan to Absorb 4,000 IBM Workers
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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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International Business Machines Corp., the world&#39;s largest provider of computer hardware, said Tuesday that its board authorized up to $4 billion in additional funds for use in the company&#39;s stock repurchase program.
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By Brian Bergstein Associated Press  BOSTON - IBM Corp. laid off 1,570 people Wednesday, primarily from an ongoing overhaul of operations in its giant technology services unit.
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Bank of America said Thursday it will cut about 4,500 jobs, or about 2.5 percent of its work force, beginning this month as a result of its merger with FleetBoston Financial Corp.
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Charlotte-based Bank of America Corp. will slash 4,500 positions from its work force, or about 2.5% of its payroll. The company expects to incur charges of $150 million over three quarters, beginning in the third quarter, from severance payments.
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Wall Street bank JPMorgan  said  on Monday it had won final approval to set up a wholly owned  unit in China to strengthen its wholesale banking business in  the world&#39;s fastest growing major economy.
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The $58-million merger between JP Morgan Chase and Bank One Corp. is costing the region more jobs. Chase is eliminating 400 positions at its card services division, which is located at its
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China agreed to pump $5 billion into Morgan Stanley  as the U.S. investment bank reported a stunning fourth-quarter loss fueled by a bigger-than-expected $9.4 billion of write-downs in mortgages and other assets.
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Bank of America plans to cut about 150 city jobs as it trims its overall staff by 4,500, people familiar with the situation said. The cuts at the bank, which already said it would slash 12,500
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Undoing a technology outsourcing deal set in late 2002, J.P. Morgan Chase yesterday said it would take back 4,000 of IBM's employees who have been providing the Wall Street firm with an array of technology support services.
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Shares of IBM  gained 4 percent on Tuesday after the world's largest computer company posted third-quarter results that marked a recovery from a weak second-quarter performance, Wall Street commentators said.
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IBM has said that it has agreed to pay $320 million to current and former employees to settle in part a class-action lawsuit over its pension plan in a case that may affect millions of workers at many companies and nonprofit organizations.
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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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Bank of America has an option to cut at least 4,500 jobs while reorganizing its structure. This is not the first time when the bank reduces jobs.
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Bank of America said yesterday that it would cut another 4,500 jobs in the wake of its $47bn merger with rival bank FleetBoston. The cuts amount to 2.5% of the combined group&#39;s workforce.
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CHARLOTTE, NC - Bank of America said Thursday it will cut about 4,500 jobs beginning this month as a result of its merger with FleetBoston Financial Corp.
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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.