Reuters: Moody's closes its consulting business in China

More than 100 office workers in Beijing, Shanghai, and Shenzhen will be let go by the corporation. Sources claim that the division in charge of credit ratings will continue to operate in China at the same time.

According to Reuters, Moody's cited "the necessity to bring our workforce around the world in line with the present and forecast economic conditions" as the reason for closing the consultancy branch.

One source claims that the shutdown of the business was caused, among other things, by the Chinese banking industry's growing preference for regional firms that specialize in analytics and consultancy.

source: reuters.com