J.P. Morgan Ends Contract With IBM
From Bloomberg News
J.P. Morgan Chase & Co. ended a $5-billion contract with IBM Corp. as J.P. Morgan President Jamie Dimon sought to retake control of the second-biggest U.S. bank’s technology systems and to cut costs.
J.P. Morgan will hire 4,000 data-center and help-desk workers who went to IBM in 2002 as part of a seven-year service agreement. Dimon also has ended accords with student-loan provider SLM Corp. and credit card processor First Data Corp. since joining the company in July.
J.P. Morgan shares fell 41 cents to $39.08 on the New York Stock Exchange. IBM stock fell 35 cents to $86.37, also on the NYSE.
