By Sam Boughedda
SoftBank (OTC:SFTBY) is preparing to cut 20% or more of staff at its Vision Fund operation, Bloomberg reported Friday.
The news follows pledges from SoftBank CEO Masayoshi Son to reduce headcount at the tech investor, said Bloomberg, citing people familiar with the matter.
Tokyo-based SoftBank will reportedly cut a minimum of 100 positions and could announce job cuts as soon as this month, with the cuts mostly being in the U.K., U.S., and China. The loss-churning Vision Fund has approximately 500 employees.
Son has previously revealed he plans on widespread cost-cutting after significant losses as a result of several portfolio companies declining in value. In addition, a significantly weaker Japanese yen has hit the firm.
Bloomberg said SoftBank executives are still discussing how extensive the layoffs should be, with "some calling for cuts as high as 50%," they said sources told them.