S&P Global Ratings reduced its staff of senior analysts by at least five as part of a reorganization that combines its sovereign division with the bank-focused financial division, an unnamed source with knowledge of the matter told Reuters.
Those who left included Global Chief Rating Officer Moritz Kraemer, Chief Europe, Middle East and Africa Analyst Myriam Fernandez de Heredia Martinez and Singapore-based Managing Director, Sovereign & International Public Finance Liesl Saldanha, and their deputies, the source said.
"The sovereign group has basically been dismantled," the source said. Around 110 analysts were either laid off or left their jobs at the rating agency's three divisions, the source said.
The latest cuts reportedly took place following the combination of two of the divisions at regional level, namely, sovereign-international public finance and financial services, the newswire reported.
Top analysts from the erstwhile financial services unit took over the rating agency's combined divisions in the U.S. and Canada, EMEA as well as Asia-Pacific. The lead corporate manager for Corporates took over the combined division in Latin America, the newswire reported.
A spokesman for S&P confirmed "some organizational changes" had been undertaken and that individuals are leaving as a result, but declined to say how many staff were affected. S&P Global Ratings is part of S&P Global Inc..
S&P Global Market Intelligence and S&P Global Ratings are owned by S&P Global Inc.