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IBM is losing another prestige outsourcing contract. This time with Wall Street giant J.P. Morgan Chase. The deal had been for $5bn linking IBM with the bank had been signed in 2002.

The 4,000 workers dispatched to IBM under the deal are to be transferred back.

Of note is the President and Chief Operating Officer is Jamie Dimon. Mr Dimon joined the bank following its merger with Bank One Corp.

Whilst CEO of Bank One, another IBM outsourcing contract had been cancelled. Then the contract had been for $2bn in conjunction with AT&T.

Chase will be obliged to pay some of the contract fees. IBM however is likely to take a hit of 2 cents per share in annual earnings.

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