Japanese conglomerate SoftBank to lay off 30% staff globally: Report

New Delhi: Japanese multinational conglomerate SoftBank is planning to cut around 150 staff globally at its Vision Fund Unit and SoftBank Group International. It will be around 30% of its entire staff around the world. Sources familiar to the development inform employees of the Vision Fund and SoftBank Group International have been given notices, Reuters reported. Major cost centers including the United States, Britain, and China are affected.

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The layoff move comes after SoftBank’s subsidiary the Vision Fund suffered a record $50 billion loss in the six months through June. SoftBank CEO Masayoshi Son’s faced huge losses in some of his tech bets. “We need to cut costs with no sacred areas,” Son said in August.

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As the Vision Fund has radically scaled back investing activity, Masayoshi Son said SoftBank’s second Vision Fund would primarily manage its existing portfolio.

It is to be noted that SoftBank has invested heavily in Indian tech startups in recent years. It holds a stake in PayTm, Unacademy, Delivery, OLA, Lenskart, Swiggy, Flipkart, Cars24, etc.