{"id":41598,"date":"2020-06-10T11:30:33","date_gmt":"2020-06-10T11:30:33","guid":{"rendered":"https:\/\/www.mobileworldlive.com\/?p=283817"},"modified":"2020-06-10T11:30:33","modified_gmt":"2020-06-10T11:30:33","slug":"softbank-readies-vision-fund-job-cuts","status":"publish","type":"post","link":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/2020\/06\/10\/softbank-readies-vision-fund-job-cuts\/","title":{"rendered":"SoftBank readies Vision Fund job cuts"},"content":{"rendered":"

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\tSoftBank 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.<\/p>\n

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.<\/p>\n

The bulk of layoffs are tipped to come from the Vision Fund’s Operating Group, which provides support services to companies in its portfolio.<\/p>\n

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.<\/p>\n

Bloomberg said the job cuts announcement comes shortly after SoftBank revealed Misra’s salary had more than doubled in fiscal 2019.<\/p>\n

[1] https:\/\/www.mobileworldlive.com\/featured-content\/top-three\/softbank-suffers-record-loss-on-vision-fund-woes\/<\/p>\n\n

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SoftBank Group reportedly prepared to cut 15 per cent of the workforce at its Vision …<\/p>\n

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