SoftBank Group reportedly prepared to cut 15 per cent of the workforce at its Vision Fund, after losses at the venture capital set-up contributed to the company recording its worst-ever annual loss [1] in its fiscal 2019.
Bloomberg reported 80 jobs are set to be axed, with a source stating Rajeev Misra, CEO of Vision Fund overseer SoftBank Investment Advisers, was targeting a 20 per cent reduction in the fund’s costs.
The bulk of layoffs are tipped to come from the Vision Fund’s Operating Group, which provides support services to companies in its portfolio.
In its fiscal 2019 earnings, SoftBank noted write-offs of assets and the impact of Covid-19 (coronavirus) in factors weighing on the Vision Fund.
Bloomberg said the job cuts announcement comes shortly after SoftBank revealed Misra’s salary had more than doubled in fiscal 2019.
[1] https://www.mobileworldlive.com/featured-content/top-three/softbank-suffers-record-loss-on-vision-fund-woes/
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