SoftBank's Investment Arm to Trim 30% of Staff

SoftBank is planning to cut around 30% of staff to their investment arm Vision Fund.

A source confirmed to CNBC of the bank's restructuring plans for their venture capital fund, coming after news that the Chinese fund was hit with record losses of $17.2 billion for the June quarter.

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Bloomberg reports that at least 150 of the 500 employees of Visions fund will be impacted by the layoffs.

SoftBank founder Masayoshi Son admitted in August to getting "over-excited" last year as companies in its portfolio experienced soaring valuations. Son says he feels embarrassed by his earlier over-reaction, saying the fund was "making big swings and couldn't hit the ball'.

The company has backed a host of fintechs including Klarna, Revolut and Zopa.

(Source: Finextra)