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J.P Morgan hires IBM for IT services

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New York--IBM Corp. has signed a seven-year deal worth more than $5 billion to provide information technology services to J.P. Morgan Chase and Co. The No. 2 U.S. financial services company said it will now outsource a large part of its data processing. The arrangement also includes the transfer of about 4,000 employees and contractors from J.P. Morgan to IBM in the first half of 2003.
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