SoftBank’s Vision Fund, a venture capital arm, has begun a massive layoff process, laying off at least 30% of its global workforce, or approximately 150 of its 500 employees.

The announcement comes nearly two months after SoftBank CEO and founder Masayoshi Son said the company would review its size and structure, and that it planned to cut costs as a result of a record 3.2 trillion JPY (about $23.4 billion) loss in the three months ended in June. The regional offices affected by the layoffs are unknown. The London-based venture capital firm has offices in the United States and Asia. When contacted by TechCrunch, SoftBank declined to comment.

SoftBank’s Vision Fund, a venture capital arm, has begun a massive layoff process, laying off at least 30% of its global workforce, or approximately 150 of its 500 employees.

The announcement comes nearly two months after SoftBank CEO and founder Masayoshi Son said the company would review its size and structure, and that it planned to cut costs as a result of a record 3.2 trillion JPY (about $23.4 billion) loss in the three months ended in June. The regional offices affected by the layoffs are unknown. The London-based venture capital firm has offices in the United States and Asia. When contacted by TechCrunch, SoftBank declined to comment.