Japanese multinational conglomerate SoftBank is planning to cut around 150 staff globally at its Vision Fund Unit and SoftBank Group International, equivalent to around 30% of its entire staff globally.
This move comes after SoftBank’s subsidiary the Vision Fund suffered a record $50 billion loss in the six months through June. Most of the losses came from a drop in the valuations of portfolio companies. SoftBank also reported a $6 billion foreign exchange loss because of the weaker yen.
The decision will affect staff in the investment teams and back-office staff in departments such as finance and legal. Headquartered in London, the Vision Fund unit had about 500 employees including staff at the Latin America fund.
Last week CEO Masayoshi Son said he plans to meet with Samsung Electronics Co Ltd to discuss a potential “strategic alliance” between the South Korean technology giant and Arm. SoftBank has sold down its stake in key asset Alibaba Group Holding Ltd and outlined plans to list Arm.
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