NU Online News Service, April 23, 2003, 5:23 p.m. EDT – John Hancock Financial Services Inc., Boston, says it plans to hire International Business Machines Inc., Armonk, N.Y., to manage its mainframe computers, servers, desktop computers, networks and help desk on a “pay-as-you-go” basis.

Hancock will keep 20 of its 300 information technology employees and lay off 100. The rest of the Hancock IT employees will become IBM employees, Hancock says.

Most of the Hancock IT employees that IBM retains will continue to work in Hancock’s home office, Hancock says.