A Reversal of Fortune?

Quittner, Jeremy
December 2004
Bank Technology News;Dec2004, Vol. 17 Issue 12, p30
Trade Publication
The article reports that the newly merged mega-bank, which combines the assets of Bank One Corp. and JPMorgan Chase to create one of the largest financial services companies in the world, was not the only example of an institution pulling out of a large outsourcing contract. A glimpse at spending in the outsourcing market presents an intriguing, often contradictory picture. Outsourced IT spending is set to increase from about $478 billion in 2003 to $555 billion in 2008. With outsourcing expected to gain more traction in the financial services industry, it is expected that JPMorgan Chase's cancellation of the International Business Machines contract had more to do with internal management decisions.


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