Moody’s affiliate responds to reports of lay-offs and office closures in Beijing, Shanghai and Shenzhen by vowing to maintain ‘strong presence in China’
- Moody’s continues to maintain a strong presence in China and to contribute to its sustainable growth, firm says
- Rumours on Chinese social media suggested earlier this week that it had started laying off staff in Beijing, Shanghai and Shenzhen
“As announced during our most recent earnings call, Moody’s is taking steps to align our global workforce with current and anticipated economic conditions,” it said in a statement on Friday. “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.”
The response followed rumours on Wednesday on Chinese social media platforms such as Xiao Hongshu, China’s Instagram like community, and Weibo, its equivalent of Twitter, that Moody’s Analytics was exiting China, as it had started laying off staff in Beijing, Shanghai and Shenzhen.
The affiliate closed its offices in these cities following discussions about operating efficiency and profitability, and let go of about 100 people, Bloomberg reported on Friday, citing people familiar with the matter.
Moody’s Analytics, according to Moody’s latest third-quarter results, offers products and services that support financial analysis and risk management services for clients.