SoftBank Group Corp.’s Vision Fund is planning deep cuts in staffing after reporting about $18 billion (¥1.94 trillion) in losses from the declining value of its startups, according to people familiar with the matter.
The reductions could affect about 10 percent of the fund’s workforce of roughly 500, said two of the people, who asked not to be identified discussing personnel decisions. The Vision Fund’s headquarters are in London, with additional operations in Tokyo and California. The cuts will be across all levels of staff, said one person.
A spokesman for the Vision Fund declined to comment.