Update: JP Morgan cancels $5B outsourcing deal with IBM
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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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Morgan Stanley posted its first quarterly loss after taking an additional $5.7 billion write-down related to subprime mortgages, and said it would sell a $5 billion stake to Chinaâs sovereign wealth fund.
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Undoing a technology outsourcing deal set in late 2002, JP Morgan Chase on Wednesday said it would take back 4,000 of IBM&#39;s employees who have been providing the Wall Street firm with an array of technology support services.
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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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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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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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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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IBMÂ laid off 1,573 employees WednesdayÂ as part of a continuing overhaul of its services unit, the company said.ADVERTISEMENTIBM Information On Demand 2006Industrial Industry Leaders, please join us at IBM's premier information management global event, IBM Information On Demand 2006, October 15-20, Anaheim, CA. More IBM business and technical solutions content in one place than ever before! Select from  over 800 sessions. Register today!
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InfoWorld - IBM&#160;laid off 1,573 employees Wednesday&#160;as part of a continuing overhaul of its services unit, the company said.
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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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Morgan Stanley said it will close its business in Britain that issues home loans and significantly curb its mortgage business in the United States.
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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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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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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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Banking group Lloyds TSB yesterday awarded IBM a Â£500m contract to supply internet telephony and data services in one of the biggest such deals seen in Europe.
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InfoWorld - IBM sold off a chunk of its stake in Lenovo Group, leading the world&#39;s third-largest PC vendor to temporarily suspend trading of its shares in Hong Kong on Tuesday.
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NEW YORK, September 15 (New Ratings) - JP Morgan Chase &amp; Company (JPM.NYS) has decided to cancel a $5 billion IT infrastructure outsourcing agreement with International Business Machines Corporation (IBM), and plans to rehire about 4,000 employees