B of A Takes Satyam Project In-House

Bank of America picked up 250 to 300 IT staffers from India's Satyam Computer Services project for Merrill Lynch.

It's the first known instance of sugh "rebadging," reports the Business Standard, an Indian publication. The workers join BofA's Hitec City office this week with 10 percent raises and reportedly will receive signing bonuses about 45 days later.

"There will be no change in the kind of work we do," one employee told the Business Standard. Most had worked in infrastructure and database support in Satyam's Bahadurpally office.

BofA, which acquired Merrill Lynch at the turn of this year, decided to take the work from Satyam in-house due to doubts about the Indian firm's future. Satyam has been up for sale after its founder confessed to financial fraud on Jan. 7.