Moody’s winding up its consulting business in China, to lay off people across the country

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Moody Corp has decided to shut its consulting business un China and is planning to lay off people, associated with it in several locations across the country, reported Reuters citing sources. As per the report the credit rating firm has started winding down its consulting business in China. The identity of the sources was not revealed in the report as they were not authorised to speak to media.

The decision was announced internally on Monday. It has affected more than 100 employees across Moody’s Beijing, Shanghai and Shenzhen offices. It is not certain at the moment the exact number of people affected.

Though Moody’s will shut its consulting business in China, it’s credit rating business will continue to operate. 

Moody’s had flagged in a recent earnings call that it was “taking steps to align our global workforce with current and anticipated economic conditions,” a company spokesperson said in an emailed statement as per Reuters.

The firm continues to maintain a strong presence in China, the spokesperson added.

Moody’s Analytics provides financial intelligence and analytical tools to domestic and foreign financial institutions.

Its closure in China comes as the country’s banking sector increasingly favours domestic suppliers, the second source said.

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