Tata Consultancy Services (TCS), based in Mumbai, has announced its acquisition of India-based Citigroup Global Services Limited (CGSL) for $512 million. As part of the deal, CGSL signed an agreement for TCS to provide business process outsourcing (BPO) services to CGSL and its affiliates for an aggregate amount of $2.5 billion over nine-and-a-half years.
In a new study by Towers Perrin, firms are more likely to use targeted cuts to benefits and merit pay than cut jobs during the recession.
