JPMorgan Chase cancels IBM outsourcing contract
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JPMorgan Chase announced on Wednesday that it will cancel its multiyear, $5 billion outsourcing contract with IBM, bucking an industry trend that has seen IT outsourcing grow by dramatic proportions.
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Financial services firm JP Morgan Chase has cancelled a groundbreaking Â£2.8bn outsourcing deal with IBM which was intended to run for seven years.
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IBM Global Services has won a seven-year contract to manage the IT infrastructure for Danish financial payments organization Payment Business Services.  IBM will operate PBS's mainframes, midrange servers, and networks as part of the deal.
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JP Morgan Chase&#39;s decision to in-source the bulk of the IT operations it recently outsourced points to what could be one of the great career-planning hazards over the next couple years: Divining what direction IT strategy is headed.
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J.P. Morgan Chase & Co. JPM.N said   on Wednesday profit fell in the third quarter, hurt by costs  related to its July merger with Bank One Corp.
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JPMorgan Chase & Co said on Wednesday quarterly profit fell a worse-than-expected 24 percent as the No. 3 U.S. bank lost $1.3 billion on risky mortgages and set aside more money for rising losses on home-equity loans.
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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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JPMorgan Chase & Co  said on Wednesday quarterly profit fell a worse-than-expected 24 percent as the No. 3 U.S. bank lost $1.3 billion on risky mortgages and set aside more money for rising losses on home-equity and auto loans.
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J.P. Morgan Chase & Co. JPM.N said  on Wednesday it was canceling a $5 billion outsourcing deal  with IBM Corp., IBM.N and planned to rehire about 4,000  workers who had been transferred to IBM under the pact.
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STANFORD, CALIF. -- On Monday, the same day the California Senate passed a bill that would ban state agencies from contracting services out to companies that use overseas labor, opponents and proponents of offshore outsourcing clashed during a conference at Stanford University.ADVERTISEMENTIntroducing IBM eServer p5 systems.Powered by IBMâs most advanced 64-bit microprocessor (POWER5(tm)), p5 systems can run UNIX and Linux simultaneously. Learn more about eServer p5 systems.
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JPMorgan Chase &amp; Co. third quarter profits fell 13 percent, mainly because of weakness in trading operations and costs related to its merger with Bank One.
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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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JP Morgan Chase &amp; Co., the country&#39;s second-largest bank, announced yesterday that it was ending a $5 billion outsourcing contract with IBM Corp.
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J.P. Morgan Chase & Co. , said on Wednesday it was scrapping a &#36;5 billion outsourcing deal with IBM Corp., amid an overall plan to manage more of its own technology services.
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JP Morgan Chase &amp; Co. on Tuesday shuffled top management at the firm which led to chief financial officer Dina Dublon resigning from the Wall Street giant and investment banking chairman David
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IBM sold off a chunk of its stake in Lenovo Group, leading the world's third-largest PC vendor to temporarily suspend trading of its shares in Hong Kong on Tuesday.
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IBM&#39;s (IBM) decision to drop cash-balance plans for new hires could put pressure on other companies to close similar programs amid lawsuits and attacks from critics who say the plans hurt older workers.