Moody's to close consulting business in China, lay off staff: Report

According to Reuters, which reported the development, the move will affect more than 100 employees across the US credit rating firm's Beijing, Shanghai, and Shenzhen offices.

Published on: Nov 20, 2022, 14:01:46 IST

By HT News Desk, New Delhi

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US-based credit rating firm Moody's Corporation is shutting down its consulting business in China, and laying off people associated with the unit in the country, according to Reuters.

“Moody's started shutting down Moody's Analytics in China this week. The move was first announced internally on Monday, and has affected more than 100 employees across its Beijing, Shanghai, and Shenzhen offices,” reported Reuters, citing people who spoke on condition of anonymity as they are not authorised to speak to media.

Meanwhile, in a statement, Moody's said it is taking steps to align its global workforce with economic conditions, current and anticipated.

“As announced during our most recent earning call, we are taking steps to align our global workforce with current and anticipated economic conditions. We continue to maintain a strong presence in China,” said a Shanghai-based spokesperson of the rating firm in the statement.

However, the release did not mention the shutting down of the business unit, or employees being laid off because of that move.

In recent days, several major companies including, among others, Amazon, Meta, and Twitter, have laid off workers in various countries. In fact, Twitter, now owned by Tesla CEO and world's richest person Elon Musk, may announce further layoffs on Monday.

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