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Hundreds of technical-support workers at Bank of America Corp. will soon be employed by tech giant Compaq Computer Corp.
Through an outsourcing contract BofA signed this summer with Compaq, the workers will continue their tech duties for the bank, but they'll be Compaq employees.
BofA declines to disclose the number of workers impacted but says they'll be scattered throughout the bank's coast-to-coast footprint.
Financial terms and other details haven't been revealed.
Compaq also is providing desktop computers and small servers, as well as service and support for that equipment and laptop computers in the bank's corporate offices and branches.
Such outsourcing is on the increase, industry experts say, with banks and other companies farming out nonrevenue-producing functions, such as human resources and tech support.
"It's a way to save money but provide high-quality service," says Shannon Drost, a vice president of Kanbay...