Japanese investment giant SoftBank has begun laying off staff at its flagship Vision Fund unit as it plans to slash headcount by nearly a third, according to reports.
The Tokyo-based investor pledged a major cost-cutting programme earlier this year after reporting $23.4bn losses in its flagship Vision fund unit in the second quarter.
Bosses at SoftBank have already begun telling staff of the job cuts, with at least 30 per cent of staff now expected to be let go from the unit, Bloomberg reported today.
It comes after a sharp fall from grace for SoftBank which has been rocked by an historic rout in global tech.
SoftBank chief Masayoshi Son said in August he was “ashamed” of his previous focus on profits as splashy bets on firms like DoorDash were hammered by tumbling valuations.
The firm committed to a “dramatic” cost-cutting programme to help arrest the losses, as well as shedding major stakes to help boost the bottom line.
SoftBank said last month it had raised more than $17bn by selling its stake in Chinese tech giant Alibaba.
The firm’s finance chief said had acted in order to show its finances were “rock solid”, as the market reeled in the wake of the losses.