SoftBank has laid off 30 per cent of staff at its flagship Vision Funds as it seeks to dramatically cut costs after a severe tech rout caused it to suffer record quarterly losses.
The Japanese conglomerate started telling staff about forthcoming cuts on Thursday, with 150 people in the 500-strong Vision Fund unit set to lose their jobs, said people briefed on the decision.
The move had been widely discussed but were double the expected scale. It is not yet clear where the jobs will be shed but they are expected to affect employees at all of the unit’s offices around the world.
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