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.
IBM said in a U.S. Securities and Exchange Commission filing that the cancellation of its biggest financial services outsourcing deal would help its 2005 earnings per share, and would have no impact on its full-year model.
J.P. Morgan, the No. 2 U.S. bank, said following its recent merger with Bank One, it could better manage its own technology and infrastructure. It also said there will be no material impact from the cancellation.
For this complete story, please visit J.P. Morgan Cancels IBM Outsourcing Deal.
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