Moody’s shutting consulting business in China, cutting staff

November 18, 2022 06:55:00

HONG KONG  – Moody's Corp is shutting its China consulting business and is laying off people associated with the unit in multiple locations across the country, two people with knowledge of the matter said on Friday.

The U.S.-headquartered credit rating firm started shutting the business, Moody's Analytics, in China this week, said the people on condition of anonymity as they are not authorised to speak to media.

The move, which was first announced internally on Monday, has affected more than 100 employees across Moody's Beijing, Shanghai and Shenzhen offices, one of the sources said.

"As announced during our most recent earnings call, Moody's is taking steps to align our global workforce with current and anticipated economic conditions," a Shanghai-based spokesperson for Moody's said in an emailed statement.

The firm continues to maintain a strong presence in China, the spokesperson added, without specifically commenting on the shutting down of the business unit or job cuts as a result of that move.