Computer Sciences to Cut 450 Jobs

Computer Sciences Corp., the third-largest U.S. computer-services company, is cutting about 450 jobs in its group that manages computers for banks and insurers as demand in those industries slows.

The move will reduce the Austin, Texas-based division’s staff by about 10%, spokesman Mike Dickerson said. The company, whose customers include J.P. Morgan Chase & Co., began cutting jobs June 1 and will finish Sept. 6, he said.

Computer Sciences’ third-quarter sales rose less than forecast as customers pared information-technology budgets.

The El Segundo-based company cut 2,000 jobs last year to save money and recently asked its 66,000 workers to volunteer to take six months of leave with 20% of their pay.

Computer Sciences gained 13 cents, to $38.13, in New York Stock Exchange composite trading. The shares have declined 22% this year.