Computer Sciences Corporation Enters 10-Year Outsourcing Agreement with Republic National Bank

Computer Sciences Corporation (CSC), a leading information technology company, has announced a 10-year outsourcing agreement with Republic National Bank of New York, a subsidiary of Republic New York Corporation. The agreement, set to be finalized in April, will see CSC acquire and manage the bank's data center, help-desk, network, and communications operations. The deal will result in the transfer of 127 Republic positions to CSC, with all affected employees offered jobs with CSC in New York City.

Key Takeaways:

The outsourcing agreement will last for 10 years, with CSC acquiring and managing Republic National Bank's data center, help-desk, network, and communications operations.
127 Republic positions will be transferred to CSC, with all affected employees offered jobs with CSC in New York City.
The agreement recognizes CSC's global technology strength and the strong skills infusion from Republic employees joining CSC.
Republic New York Corporation is a bank holding company with assets of $50.4 billion and total stockholders' equity of $3.1 billion.
CSC will benefit from the agreement, which will expand its presence in the securities industry and banking practice.
The company has a global presence, with offices in more than 700 locations worldwide and a workforce of 50,000 employees.
CSC had revenue of $7.4 billion for the twelve months ended January 1, 1999.

Statistics:

10-year duration of the outsourcing agreement
127 Republic positions to be transferred to CSC
$50.4 billion in assets for Republic New York Corporation
$3.1 billion in total stockholders' equity for Republic New York Corporation
50,000 employees worldwide for CSC
700+ offices worldwide for CSC
$7.4 billion in revenue for CSC in the twelve months ended January 1, 1999

Sources:

Computer Sciences Corporation press release, March 1, 1999
Republic New York Corporation financial statement, year-end 1998
Republic National Bank of New York profile