SoftBank sheds 30% of Vision Fund staff as it seeks to cut costs
SoftBank has laid off 30 per cent of staff at its flagship Vision Funds as the Japanese investment group seeks to dramatically cut costs after suffering record quarterly losses in a severe market rout for tech.
The Japanese conglomerate started telling staff about forthcoming cuts on Thursday, with 150 people in the 500-strong Vision Fund unit set to lose their jobs, said people briefed on the decision.
The move had been widely discussed but the job cuts amounted to double the expected scale. It is not yet clear where the jobs will be shed, but the cuts are expected to affect employees at all the unit’s offices around the world.
Yoshimitsu Goto, SoftBank’s chief financial officer, told the Financial Times the move was designed to reassure investors that the group’s financial position was secure.
This story originally appeared on: Financial Times - Author:Anna Gross
