TOKYO (BLOOMBERG) - SoftBank Group's Vision Fund is planning deep cuts in staffing after reporting about US$18 billion (S$25.5 billion) in losses from the declining value of its start-ups, according to people familiar with the matter.. Read more at straitstimes.com.
TOKYO - SoftBank Group's Vision Fund is planning deep cuts in staffing after reporting about US$18 billion in losses from the declining value of its start-ups, according to people familiar with the matter.
"It makes sense that SoftBank is cutting positions at the Vision Fund as they are in an extremely difficult situation, and they may start targeting highly paid workers to cut costs," said Koji Hirai, head of M&A advisory firm Kachitas Corp in Tokyo. "One side-effect is that the best people at SoftBank may exit to find better funds," said Hirai."If so, their fund business may become even worse, sliding down from a slope."
The fund has already unwound some investments, including selling a nearly 50 per cent stake in dog-walking start-up Wag Labs back to the company last year. Son has said he plans to sell off about US$42 billion in assets to finance stock buybacks and pay down debt.
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