Investment bank JP Morgan Chase has signed an outsourcing deal worth $5bn (£3.12bn) with IBM Global Services. As part of the deal, 4,000 Morgan Chase employees and contractors, as well as IT systems, will be transferred to IBM.
The plan is to create a ‘virtual pool’ of computing resources that can be accessed and deployed as needed by the investment bank.
Industry watchers are split on the levels of IT spending for 2003, with some predicting growth and others expecting further cuts. A survey by CIO magazine in the US predicts that spending on hardware and software will see moderate growth of 4.6% this year, while a rival report predicts a spending drop.
According to Goldman Sachs, companies will spend even less on software and hardware in the next 12 months than they did last year.
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