Stock Market News
SoftBank to cut at least 20% of Vision Fund staff -BBG
2022.09.02 15:26
FILE PHOTO: SoftBank Corp’s logo is pictured at a news conference in Tokyo, Japan, February 4, 2021. REUTERS/Kim Kyung-Hoon
TOKYO (Reuters) – SoftBank Group Corp plans to cut at least 20% of staff at its Vision Fund investment arm, Bloomberg reported on Friday, after CEO Masayoshi Son pledged to reduce costs on a record $50 billion loss at the unit in the six months to June 30.
The conglomerate will cut at least 100 positions and could announce the reductions as early as this month, Bloomberg reported, citing unnamed sources.
SoftBank has scaled back investing activity, with Son last month saying he would cut Vision Fund’s workforce and reduce costs across the group.
“We need to cut costs with no sacred areas,” Son said.
