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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Finance

Finance

Exclusive: SoftBank plans Vision Fund layoffs.

A man looks at the logo of SoftBank Group Corp at the company's headquarters in Tokyo, June 30,... A man looks at the logo of SoftBank Group Corp at the company's headquarters in Tokyo, June 30, 2016. REUTERS/Toru Hanai
A man looks at the logo of SoftBank Group Corp at the company's headquarters in Tokyo, June 30,... A man looks at the logo of SoftBank Group Corp at the company's headquarters in Tokyo, June 30, 2016. REUTERS/Toru Hanai

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SoftBank plans Vision Fund layoffs. Two sources said SoftBank Group Corp (9984.T) is considering another round of layoffs at its Vision Fund investment arm, the latest cost-cutting action by the Japanese conglomerate.

One person said the unit’s 30% layoffs, which might be announced in two weeks, could include U.S. workers. According to a business filing, SoftBank’s Vision Fund unit, which has suffered severe investment losses, had 349 employees in March.
Due to confidentiality, sources declined to be identified. SoftBank declined to comment.

In September, the investing arm and SoftBank Group International cut 150 workers internationally.

SoftBank, an active investor in Internet businesses like Klarna and ByteDance, has seen its portfolio value plummet amid significant interest rate hikes and escalating U.S.-China tensions.

The group lost 970 billion yen ($7.2 billion) in the year ended March 31. It sold Alibaba Group Holding Ltd (9988. HK) shares to offset Vision Fund investment losses.

Vision Fund 2’s portfolio was valued at $31 billion in end-March compared to the $49.9 billion acquired.

Son has stopped public speeches, and SoftBank has drastically reduced its investing activity to focus on Arm’s listing.

Cambridge, England-based Arm has filed confidentially for a U.S. stock market listing that may give SoftBank much-needed capital.

On Monday, a source said Intel (INTC.O) was in talks with Arm to be an anchor investor in the chip designer’s IPO.

The revelation boosted SoftBank’s stock by 5% on Tuesday morning.

In May, SoftBank stated it is seeking a “balance between defense and offense” to strengthen its balance sheet, suggesting it may invest more.


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