SoftBank Plans Vision Fund Staff Cuts of at Least 20%
- Founder Masayoshi Son said earlier he would reduce headcount
- SoftBank reported a record $23 billion loss last quarter
This article is for subscribers only.
SoftBank Group Corp. is planning to cut at least 20% of staff at its loss-churning Vision Fund operation, following public pledges from Masayoshi Son to reduce headcount at the world’s biggest tech investor, according to people familiar with the matter.
The Tokyo-based company will slash a minimum of 100 positions and may announce the job cuts as early as this month, said the people, asking not to be named as the information is not public. The cuts will mostly be in the UK, US and China operations, which have the most headcount, said the people. The Vision Fund unit had about 500 employees including Latin America funds staff.