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Since there are 8 engineers for every team leader, there are 8 * 15 = <<8*15=120>>120 engineers employed by Mr. Wells.
Since there are 5 project managers for every 50 engineers, there are 120 / 50 = <<120/50=2.4>>2.4 sets of 5 project managers.
The number of project managers employed by Mr. Wells is 2 sets * 5 project managers/set = <<2*5=10>>10 project managers.
The correct answer is not given in the options, as 10 project managers are employed by Mr. Wells.