SoftBank slashing around 150 jobs globally

Japan’s SoftBank Group is slashing around 150 staff globally at its Vision Fund unit and SoftBank Group International, Reuters news report said.
SoftBank JapanThe report said notices are going out to employees on Thursday and will affect around 30 percent of employees across the two businesses. Major cost centres including the United States, Britain and China are affected.

The cuts will affect staff in the investment teams and back-office staff in departments such as finance and legal.

SoftBank Group CEO Masayoshi Son in August pledged to cut costs after the Vision Fund unit recorded a record $50 billion loss in the six months through June, with the billionaire caught out by rising interest rates and political instability that have hit tech valuations.

The cuts also encompass SoftBank Group International, which was led by Marcelo Claure before he exited the firm and which manages other group investments.

SoftBank has sold down its stake in key asset Alibaba Group Holding and outlined plans to list Arm.