Won't hurt winning new contracts
Because the customer will be fleeing someone else they were unhappy with, such as HP. It is easy to assume things will be better with a new partner. Kind of like how you are giddy when you start a new relationship and it takes a little time to see each others flaws and annoying habits :)
Where it will hurt is renewals and references. The impact on those won't be felt for a few years, but I'd expect to see IBM's outsourcing revenue begin to make a steep dive around 2020 as a result.