Japan-based SoftBank Group is planning to slash at least 20% of the headcount at its Vision Fund unit, Bloomberg reported.
The staff cut, which is likely to be announced as soon as this month, will include both senior and junior employees.
Founded in 2017, Vision Fund is the world’s largest technology-focused fund. Rajeev Misra, who played a key role in setting it up, is exiting his roles as corporate officer and executive vice president.
SoftBank had posted a record quarterly loss of US$23 billion in August, mostly due to the falling valuations of portfolio companies including Korean ecommerce firm Coupang and US food-delivery player DoorDash. During its earnings announcement, SoftBank also said it will be looking at “everything” for potential cost cuts.
See also: Tracking layoffs across Asia’s startup ecosystem (Updated)
Editing by Miguel Cordon and Eileen C. Ang
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