Reuters: Moody’s closes its consulting business in China
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Moody’s rating agency is closing its consulting and analytical division in China. It is reported by Reuters, citing sources. The company will cut more than 100 employees working in offices in Beijing, Shanghai and Shenzhen. At the same time, according to sources, the division dealing with credit ratings will continue to work in China.
According to Reuters, in a letter to employees, Moody’s explained the closure of the consulting division “the need to bring our staff around the world into line with current and expected economic conditions.” According to one of the sources, among other things, the closing of the unit is due to the fact that the Chinese banking sector is increasingly favoring local companies specializing in analytics and consulting.
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