Moody’s has shut its analytics business in mainland China and let more than 100 local staff go, citing the deteriorating global outlook as the reason for the closure.
The sudden shutdown of Moody’s profitable risk management business, with offices in Shenzhen, Beijing and Shanghai, signals a strategic shift after years of international credit rating agencies expanding in the country.
People familiar with the matter said more than 100 employees of the mainland branch of Moody’s Analytics had been let go on Wednesday with little notice, catching even senior staff by surprise. The cuts amount to more than a quarter of the group’s staff in Greater China, which includes offices in Hong Kong and Taipei, according to figures from Moody’s China website.