CSC in $500 mill outsourcing deal with JP Morgan Chase

Computer Sciences Corporation (CSC) announced on Monday that it has signed a seven-year subcontract with IBM to help support IT outsourcing for financial services company JP Morgan Chase & Co.

California-based CSC said the contract is worth about $US500 million.

CSC already provides IT services to New York-based JP Morgan Chase (managing parts of its computer and telephone networks) under a 1996 agreement that expires in July, said the company. Under the new deal, CSC will continue to manage some of JP Morgan's distributed trading-floor data processing operations, a company spokesman said.

According to the latest deal, CSC will be responsible for about 4000 servers and provide assistance to IBM in implementing additional IT initiatives.

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