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September 16, 2004

JP Morgan Chase Cancels IBM Outsourcing Deal

An outsourcing deal with IBM worth $5 billion was cancelled by JP Morgan Chase bank in an effort to keep services in-house.

According to Reuters:

IBM and J.P. Morgan declined to say how much so far was paid to IBM, which was to take over the global computing operations for J.P Morgan in such areas as retail banking, trading and securities processing.

"IBM will be able to reuse some of (those systems) and they are passing some costs back in terms of these 4,000 people," said Michael Haney, senior analyst with consultant Celent. "They might take a small hit, but I think they will be able to recover and re-leverage those assets."

Read more: JP Morgan KOs $5 Bln IBM Outsourcing Deal

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