Wednesday, April 1, 2009

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300 Satyam employees(Merrill Lynch project) join BankofAmerica

Even as most of the 50,000-odd employees at Satyam Computer Services remain concerned about job and pay cuts, 250 to 300 employees working on the Merrill Lynch project have accepted an offer from Bank of America (BofA), the bank that bought the sub-prime meltdown-hit investment bank in September last year.

The first known instance of what is known as “rebadging”, these employees will join the BofA office at Hitec City between April 2 and 8. They have been given salary raises of around 10 per cent and a bonus depending on their skill sets (Rs 1 lakh in some cases). “The bonus will be given after about 45 days of joining,” said an associate.

Most of the employees on the Merrill Lynch project work from Satyam’s Bahadurpally office. Their work is to provide infrastructure support and handle the database of the financial management and advisory firm.

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