SoftBank Vision Fund Prepares Layoffs.
SoftBank’s Vision Fund plans to cut up to 20% of its staff, or approximately 50 jobs. The fund currently employs approximately 280 people.
The reason is simple: Masayoshi Son is betting on artificial intelligence. He needs money and resources for major projects, including investments in OpenAI, the Ampere Computing deal, and the Stargate data center project in the US.
The company confirmed the changes. SoftBank said the fund’s structure is being adjusted to meet new challenges.
The Vision Fund has already shrunk in recent years. In 2020, it had almost 500 employees. Now, its staff has been reduced by almost half.
The Fed is back in the spotlight, the crypto market awaits its decision
Following a weak August employment report—only 22,000 jobs were created versus the forecast of 75,000—major banks have sharply revised their Fed rate expectations. Most now expect a cut in 2025.
- Bank of America forecasts two 25-basis-point cuts, in September and December.
- Goldman Sachs expects three consecutive cuts, from September to November.
- Citigroup is also betting on a 75-basis-point cut by the end of the year.
According to CME data, the market is almost certain of a 25-basis-point cut in September (88% probability). The chance of a sharper 50-basis-point cut is estimated at 12%.
Fed Chair Jerome Powell already hinted at this reversal in Jackson Hole on August 22. According to him, the decline in labor market activity could prompt the central bank to ease policy.
