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02 Jan 2003
Financial services company JP Morgan Chase has signed a seven-year outsourcing agreement with IBM valued at over $5bn (£3.12bn).
As part of the deal, JP Morgan Chase will transfer approximately 4,000 employees and contractors to IBM in the first half of this year.
Further reading
This will create a 'virtual pool' of computing resources to deployed as needed.
Technology areas covered by the deal include data centres, help desks, distributed computing and data and voice networks.
IBM Research has developed a technology called Utility Management Infrastructure (UMI) to underpin the resource pool.
Previously codenamed Blue Typhoon, UMI ties together disparate back-end systems without the need for new applications.
JP Morgan Chase, which has 30 million customers and operations in over 50 countries, is looking to save on costs and improve service levels.
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