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About 300 Satyam staff join Bank of America
By siliconindia
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Wednesday, 01 April 2009, 20:21 IST |
2 Comments
Mumbai: About 300 employees at fraud-hit Satyam Computer Services are planning to quit the company and join Bank of America. The first of these employees will join Bank of America between April 2 and 8. They have been given salary increases of around 10 percent and joining bonuses, said Reuters citing a newspaper report.
The employees were working on a Satyam project for Merrill Lynch, which was taken over by the U.S. bank after it was hit by the subprime crisis last year.
The project was not renewed by Merrill after Satyam was caught in corporate scandal and the work of managing its database and providing infrastructure support would now be done in-house, the paper said.
A spokeswoman for Satyam said, "The report is speculative." Meanwhile, an official at Bank of America-Merrill Lynch in India said she could not immediately comment.
Satyam, whose market value has slid to $505.6 million from $7 billion last May, is in the midst of a bidding process to find a new buyer.