Shulou(Shulou.com)11/24 Report--

CTOnews.com, September 29 (Reuters)-Japan's Softbank Corp. Group will cut about 150 jobs worldwide at the Vision Fund (Vision Fund) and Softbank Corp. International Group (SoftBank Group International), after Softbank Corp. Group CEO Masayoshi son suffered huge losses on technology investments, Reuters said, citing people familiar with the matter.

The notice will be sent to employees on Thursday and about 30 per cent of employees at the two companies will be affected, according to people familiar with the matter. The person familiar with the matter declined to be named because the information has not yet been made public. Major cost centres such as the US, UK and China have all been affected, the person added.

Another source said the layoffs will affect the investment team and back-office staff in finance and legal departments.

CTOnews.com has learned that Softbank Corp. declined to comment so far.

Softbank Corp. suffered a huge loss of $23.4 billion in the second quarter, and its founder and CEO Masayoshi son is facing the biggest Waterloo of his career. After the second-quarter results, Mr son admitted that start-ups should not be acquired at the peak of the market, that there were a lot of problems and mistakes in their portfolio, and promised massive cost cuts to help Softbank Corp. get back on track.

Mr son said he would consider "all" possible cost-cutting measures, including layoffs, and the decision was "indisputable".

"this is the biggest loss in our company's history, and we take it very seriously."

"We have to count on massive cost cuts in the Vision Fund. The way to cut costs will have to include layoffs-something I've made up my mind to do."

He said he would cut costs after Vision Fund lost about $50 billion in the six months to June.

The job cuts also include Softbank Corp. International Group (SoftBank Group International), which was chairman before Marcelo Krauer left Softbank Corp. and was responsible for managing other investments in the group.

At present, Softbank Corp. has reduced his stake in Alibaba Group, a key asset, and outlined plans to list Arm. Mr son also said last week that he planned to meet with Samsung Electronics to discuss a potential "strategic alliance" between Samsung and Arm.

Welcome to subscribe "Shulou Technology Information " to get latest news, interesting things and hot topics in the IT industry, and controls the hottest and latest Internet news, technology news and IT industry trends.