Moody’s Said to Cut 30 Jobs in Units Including ABS, CorporatesBy
Moody’s Investors Service cut at least 30 jobs this week, in units including corporate and securitized debt, according to people with knowledge of the matter.
The cuts affect a small proportion of the 10,800 employees Moody’s lists on its website. The people with knowledge requested anonymity because the matter is private.
"We realized we have to work on expenses because we’ve had a tougher time with revenue,” Linda Huber, Moody’s chief financial officer, told investors at a conference on Wednesday. She added that Moody’s is retaining key talent and has “no thought of juniorizing the rating-agency staff.”
Moody’s Corp. said this week that it expects revenue for some ratings categories to fall this year. The company revised full-year earnings guidance, raising earnings per share to $4.70 to $4.80, from $4.55 to $4.65. It said it expects to record a restructuring charge in the third quarter, with negligible effect on full-year earnings.
The Financial Times first reported on the staffing cuts.