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JP Morgan Cancels $5 Billion IBM Deal

Escrito por

Published: Sep 15, 2004

Updated: Feb 2, 2021

1 minute read

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When JP Morgan and IBM forged their outsourcing contract in 2002, IBM was to take over the global computing operations in numerous key areas including retail banking, trading and securities processing. The original goal was allowing JP Morgan to cut its own spending on technology.

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. The bank plans to rehire the 4,000 IT employees who had been transferred to IBM.

Read the entire Reuters release here.

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eWeek editors publish top thought leaders and leading experts in emerging technology across a wide variety of Enterprise B2B sectors. Our focus is providing actionable information for today’s technology decision makers.

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Aplicativos

IBM, J.P. Morgan Sign $5 Billion Deal

IBM Global Services this morning announced that it has won the much-anticipated J.P. Morgan Chase & Co. outsourcing contract, valued at over $5 billion. The seven-year outsourcing contract is “the largest computer services deal in the financial services sector ever,” declared Eric Ray, vice president of financial markets for IBM Global Services in Somers, N.Y. […]

Paula Musich

Dec 30, 2002

Hardware de PC

Consolidation Move Sealed $5B IBM Deal

IBMs winning bid of $5 billion for a seven-year outsourcing contract from J.P. Morgan Chase & Co. on Dec. 30 received a critical boost last summer when bank officials backed away from plans to dole out the deal to several suppliers and decided instead to seek a single provider. Soon after making that call, the […]

eWEEK EDITORS

Feb 3, 2003

Gestão de TI

Lessons From IBM $5B Deal, SQL Worm

Outsourcing is a great idea—if you use it to improve your companys technology use rather than for simple slash-and-cut accounting. When J.P. Morgan Chase and IBM announced a $5 billion outsourcing deal, we were interested in the story behind the story. Was this a multibillion-dollar bet being placed by J.P. Morgan on IBMs on-demand plan […]

Eric Lundquist

Feb 3, 2003

Gestão de TI

JPMorgan Reclaims IT

“We believe managing our own technology infrastructure is best for the long-term growth and success of our company as well as our shareholders.” There. Thats what Austin Adams, JPMorgan Chases CIO, said in a statement earlier this month announcing the end of the giant financial institutions $5 billion, seven-year outsourcing deal with IBM, signed late […]

Stan Gibson

Sep 27, 2004

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