Index: llvm/lib/Transforms/Utils/BasicBlockUtils.cpp
===================================================================
--- llvm/lib/Transforms/Utils/BasicBlockUtils.cpp
+++ llvm/lib/Transforms/Utils/BasicBlockUtils.cpp
@@ -1162,7 +1162,11 @@
     if (NewLatch != OldLatch) {
       MDNode *MD = OldLatch->getTerminator()->getMetadata("llvm.loop");
       NewLatch->getTerminator()->setMetadata("llvm.loop", MD);
-      OldLatch->getTerminator()->setMetadata("llvm.loop", nullptr);
+      // It's still possible that OldLatch is the latch of another inner loop,
+      // in which case we do not remove the metadata.
+      Loop *IL = LI->getLoopFor(OldLatch);
+      if (IL && IL->getLoopLatch() != OldLatch)
+        OldLatch->getTerminator()->setMetadata("llvm.loop", nullptr);
     }
   }
 
Index: llvm/test/Transforms/LoopSimplify/update_latch_md2.ll
===================================================================
--- llvm/test/Transforms/LoopSimplify/update_latch_md2.ll
+++ llvm/test/Transforms/LoopSimplify/update_latch_md2.ll
@@ -1,13 +1,11 @@
 ; Tests loop-simplify does not move the loop metadata, because
 ; the loopexit block is not the latch of the loop _bb6.
 
-; FIXME(#55416): The metadata should not move.
-
 ; RUN: opt < %s -passes=loop-simplify -S | FileCheck %s
 ; CHECK-LABEL: loop.header.loopexit:
 ; CHECK: br label %loop.header, !llvm.loop !0
 ; CHECK-LABEL: loop.latch:
-; CHECK-NOT: br i1 %p, label %loop.latch, label %loop.header.loopexit, !llvm.loop !0
+; CHECK: br i1 %p, label %loop.latch, label %loop.header.loopexit, !llvm.loop !0
 
 define void @func(i1 %p) {
 entry: