SoftBank Group Corp plans to lay off at least 20% of its Vision Fund investment arm, according to Bloomberg, after Chief Executive Masayoshi Son pledged to cut costs following a record $50 billion loss at the unit in the fiscal year ending June 30.
Bloomberg reported, citing unnamed sources, that the conglomerate will cut at least 100 jobs and could announce the cuts as early as this month.
According to a SoftBank spokesperson: “We are reviewing the organization’s size and structure, as Masa stated in our most recent earnings (briefing). But nothing has been decided yet.”
SoftBank has reduced its investment activity, with Son announcing last month that he would reduce the Vision Fund’s workforce and cut costs across the board. “With no sacred areas, we need to cut costs,” Son stated.
