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> JP Morgan Cancels IBM Outsourcing Deal
post Sep 15 2004, 01:49 PM [ Post #1 ]

Christopher Paige

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NEW YORK (Reuters) - J.P. Morgan Chase & Co. (JPM.N: Quote, Profile, Research) , said on Wednesday it was scrapping a $5 billion outsourcing deal with IBM Corp.(IBM.N: Quote, Profile, Research) , amid an overall plan to manage more of its own technology services.

J.P. Morgan Chase, which recently acquired Bank One Corp. and has made bringing services in-house a priority, said it planned to rehire about 4,000 workers who had been transferred to IBM in 2003 at the start of the 7-year deal.
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