Moody’s Corp. has shuttered the China operations of its risk management division, laying off about 100 people, according to people familiar with the matter.
(Bloomberg) — Moody’s Corp. has shuttered the China operations of its risk management division, laying off about 100 people, according to people familiar with the matter.
Moody’s Analytics closed its offices in Beijing, Shanghai and Shenzhen following discussions about operating efficiency and profitability, the people said, requesting not to be named because the matter is private. Moody’s credit ratings business will continue, they said.
The division’s retreat comes as Wall Street struggles with China’s strict Covid Zero policy, volatile markets and state interference. Morningstar Inc. slashed its workforce in China earlier in the year.
“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 spokesperson said in response to Bloomberg queries. “Moody’s continues to maintain a strong presence in China and contribute constructively to China’s sustainable growth and the further development of its domestic markets.”
Moody’s Analytics also provides financial intelligence.
–With assistance from Jun Luo and Zheng Li.
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