SoftBank has been trying to make themselves sustainable like any other company right now. SoftBank Group International, an extension of SoftBank Group Corp has removed 10% of its staff as a cost cutting measure. This has impacted around 2 dozen employees according to reports. The offices in San Carlos, Miami and California faced the brunt.
The company is prioritizing to emerge even stronger after the pandemic while they continue making selective investments. Some of the influential members of the firm like Murtaza Ahmed, Andres Freire and Mike Bucy have also taken a leave from the company willingly. Mike Bucy was appointed as Chief transformation officer in November while the other two were Managing Partners of company’s $5 billion Latin America fund.
The firm is expecting to have a loss of $8.4 billion dollars because of its investment in co-working company, WeWork. There have been reports of two WeWork Managing Directors have also sued SoftBank because of backing out from a $3 billion dollar deal. The tension between both the companies is on a rise because of the losses.