Electronic Data Systems (EDS) has won a $1.1bn contract for systems integration from Bank Of America. The bank currently has an existing $4.5bn outsourcing contract for maintaining its voice and data network.

Only last week EDS saw its credit rating cut to "junk" status. The cut in status usually puts a question mark over a company in terms of ability to win new business. After all who is going to spend billions with a company with a risky reputation.

Over 5,700 bank branches and 16,500 ATM machines are covered in the network.

EDS has seen a number of high profile failures in the UK, especially in the Public Sector. Notably with the Inland Revenue.