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SoftBank

SoftBank eyes Vision Fund layoffs after posting $23bn loss

Market turmoil pushes CEO Son toward 'significant cost reductions'

Reviving the fortunes of SoftBank's tech portfolio is a major test for CEO Masayoshi Son. (Photo by Ken Kobayashi)

TOKYO -- SoftBank Group on Monday posted a record loss for the second straight quarter as market turmoil further spread across its portfolio of technology stocks.

In an unusually downbeat presentation, Masayoshi Son, the company's billionaire chairman and CEO, said he will undertake "significant cost reductions" at the Vision Fund including layoffs and becoming more selective in making new investments.

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