SoftBank Group Corp.’s Vision Fund is preparing to cut staff by about 15 percent after reporting record losses for the last fiscal year, according to people familiar with the matter.
Rajeev Misra, head of the London-based Vision Fund, expanded the number of planned cuts in recent days to as many as 80 employees out of roughly 500, said one of the people, who asked not to be identified discussing personnel decisions. The fund had planned to trim about 10 percent of its workforce as of last month, Bloomberg News has reported. The cuts may be announced as soon as Wednesday, the person said.
SoftBank Group International, an arm led by Marcelo Claure, reduced its staff by about 26 out of 230, said another person familiar with the matter. Bloomberg News reported last month that the group’s cuts were expected to be about 10 percent.