250-300 Satyam employees may join Bank of America

Things may be turning around for some Satyam employees. Around 250-300 Satyam Computer Services employees working on the Merrill Lynch project reported to have accepted an offer from Bank of America (BofA), media reports said.

According to reports, the employees are likely to join the BofA office at Hi-tech city between April 2 and April 8. They have been offered a 10 per cent hike in salary and a bonus depending upon their skill sets (Rs.1 lakh in some cases). The bonus will be given after 45 days of joining..

Most of the employees on the said project work from Satyam's Bahadurpally office and their work is to provide infrastructure support and handle database of the financial management and advisory firm. Satyam used to bill for the Merrill Lynch project based on the resources deployed on it. The same arrangement will continue at BoFA, the release said.

The employees were working on a Satyam project for Merrill Lynch, which was taken over by the US bank after it was hit by the sub-prime crisis last year, reports said. Merrill did not renew the project after Satyam was caught in India's biggest corporate scandal and the work of managing its database and providing infrastructure support would now be done in-house.

A spokeswoman for Satyam said, "The report is speculative." An official at Bank of America-Merrill Lynch in India said she could not immediately comment.