Softbank Corp Plans To Fire 20% Staff At Vision Fund Operations
The Tokyo based company is planning to cut 20% staff at Vision Fund operation in order to resolve the financial contraction the corporation is facing right now. The company is going to discard around 100 positions and will announce it in public as soon as they can. Most of these job cuts will take place in the US, UK, and China due to the higher number of headcounts there. On average the Vision Fund unit has almost 500 employees working in it.
The Founder of the group Masayoshi Son has already informed in August that he is planning for cost-cutting as the Vision Fund unit has recorded a $23 billion loss and reportedly including $6 billion foreign exchange loss because of the weaker yen.
In the recent new, an important individual of the company Rajeev Misra who stood by the side of Masayoshi Son to establish Vision Fund Operation resigned from his respective position
In order to attract the investors across the world, Son has told the investors that Softbank in the last month became able to raise $17 billion by selling contracts on Alibaba Group Holding Ltd. The Japanese businessman also talked about the increasing responsibility over his head as many big officials have been stepping down from their respective positions. Apart from Rajeev Misra, last year Chief Strategy Officer Katsunori Sago resigned while Chief Operating Officer Marcelo Claure left the position at the start of this year.
Masayoshi also said SoftBank has begun talks to sell asset manager Fortress Investment Group, acquired for $3.3 billion in 2017. To bolster SoftBank’s share price, Son unveiled a fresh program to buy back as much as 400 billion yen of its own stock.
The Japanese entrepreneur is also trying for the higher initial public offering for Arm Ltd. that most probably will take place next year. He also shared his aspiration to make it the biggest offering for a chip company.
