SoftBank reduces 30% of its staff globally

Japan’s SoftBank Group is cutting 30% of its employees, affecting around 150 staff globally at its Vision Fund unit and SoftBank Group International, due to huge losses. 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. In August, CEO Masayoshi Son pledged to cut costs after the Vision Fund unit recorded a record USD50bn loss in the six months through June, with the billionaire caught out by rising interest rates and political instability that have hit tech valuations. Son last week said he plans to meet with Samsung Electronics to discuss a potential “strategic alliance” with the South Korean technology giant.