Global investor Softbank is planning to hand out pink slips to at least 20 per cent of its employees from its Vision Fund operations. The development comes a month after the Japanese company's founder Masayoshi Son indicated cost-cutting plans.
This was after the organisation and its investment arm, Vision Fund, incurred heavy losses of $23 billion. Son, at that time, had said that it is the biggest loss in the company’s corporate history, and in order to make up for the losses, it would need to reduce the headcount.
According to a report by Bloomberg, the Tokyo-based company is planning to lay off employees from 100 positions across the UK, US and China operations, which have the highest headcount, by early September. As many as 500 people have been employed in the Vision Fund unit including Latin America funds staff.
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On Wednesday, the company said in a statement that Rajeev Misra, who first helped set up Vision Fund, is going to step down from his role as a corporate officer and executive vice president at SoftBank.
The company is also planning to sell asset manager Fortress Investment Group, which the company acquired for $3.3 billion in 2017.
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