LOS ANGELES: New York bank J.P. Morgan Chase and Co has signed a seven-year contract for information technology services with IBM Corp worth more than US$5bil as it moves to cut costs, mirroring similar moves by other banks.
The deal – the largest services contract IBM has received to date from the financial services sector – is a coup for the computer giant, which is increasingly focused on selling services rather than computers and other hardware, its traditional products.
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