CHEMISTRY
CSC to Provide Data Processing Capability to JPMorgan Chase
EL SEGUNDO, Calif. -- Computer Sciences Corporation announced that it has signed a seven-year subcontract with IBM to support a portion of JPMorgan Chase's information technology (IT) environment. CSC estimates the value of the subcontract to be approximately $500 million over the term of the agreement. CSC currently provides IT services to JPMorgan Chase pursuant to a 1996 agreement that expires in July 2003. Under the terms of the new agreement, CSC will continue to manage a portion of the JPMorgan Chase distributed computing data processing environment of approximately 4,000 servers and assist IBM in the implementation of its new IT data processing delivery strategy. "With this new agreement, we are pleased to continue in our role of providing information technology support to JPMorgan Chase," said James D. Cook, president of CSC's Financial Services Group.