SoftBank Group’s Masayoshi Son said he plans widespread cost cutting at his Japanese conglomerate and its Vision Fund investment arm after a record ¥3.16 trillion ($23.4 billion) loss on plunging portfolio valuations and foreign currency losses.
The Vision Fund segment posted a loss of ¥2.33 trillion in the three months ended June 30 following a then-record ¥2.2 trillion loss in the previous quarter. SoftBank also reported a ¥820 billion foreign exchange loss because of the weaker yen.
The 64-year-old founder struck a darkly somber tone after the results, taking responsibility for buying into startups at the height of the market and pledging to slash expenses to get back on track. Son said he will review "everything” for potential cuts without any "sacred cows.” SoftBank will scrutinize senior and junior employees in both front and back offices to an extent never experienced before.