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<ul class="summary-list"><li>SoftBank is the first to buy Nvidia's Blackwell chips, the companies said Wednesday.</li><li>The chips will power a supercomputer in Japan.</li></ul>SoftBank Group is the first customer to use Nvidia's <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-ceo-jensen-huang-unveils-next-generation-ai-chip-blackwell-2024-3">Blackwell chips</a>, which will be used to develop an artificial intelligence supercomputer in Japan.The companies plan to build the system — which they call Japan's most powerful supercomputer — in early 2025. SoftBank said it will use the Blackwell-powered computer for generative AI development and as a resource for research institutions and companies across the country."Together we're going to build Japan's largest AI factory," Nvidia's <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-jensen-huang-chipmaker-cofounder-ceo-wealth-net-worth-ai-2023-5">CEO Jensen Huang </a>said at the company's AI summit in Tokyo on Wednesday.The two companies also announced deals to provide AI services on 5G networks and to create an AI marketplace for local compute.The announcement highlights Japan's efforts to reclaim its place as a tech and innovation hub amid <a target="_blank" class="" href="https://asia.nikkei.com/Opinion/Japan-s-cautious-approach-to-AI-may-pay-dividends">lagging AI adoption</a>. AI is an especially big opportunity for Japan as it struggles with an aging society, <a target="_blank" class="" href="https://www.businessinsider.com/japan-struggles-four-day-workweek-culture-overwork-panasonic-worker-shortage-2024-9">labor shortages, and overwork</a>. In a statement, Nvidia said the supercomputer will help accelerate Japan's plans to adopt AI in telecommunications, robotics, and <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-bring-ai-robots-to-hospital-2024-10">healthcare</a>.The partnership comes amid <a target="_blank" class="" href="https://www.businessinsider.com/aws-negotiating-huge-cloud-deal-supply-ibm-with-nvidia-gpus-2024-11">skyrocketing demand</a> for Nvidia's chips as companies and countries scramble to secure supplies to improve their AI capabilities. As one of the few players in this space, Nvidia has a stronghold on anyone looking to accelerate their business or economy using AI models.In August, Nvidia sparked worries that Blackwell chips would be delayed by two to three months, pushing shipments to the first quarter of 2025 instead of later this year. The delay would affect customers including <a target="_blank" rel="" class="" href="https://www.businessinsider.com/nvidia-big-tech-earnings-week-early-winner-ai-microsoft-2024-7">Meta, Microsoft, Google</a>, and smaller cloud firms. On an August earnings call, Huang promised that the company would ship out billions of dollars worth of Blackwell GPUs by the fourth quarter.With the world's biggest companies on Nvidia's customer list, SoftBank's procurement of the first Blackwell platform reflects Huang's relationship with the Japanese investor and its billionaire founder, <a target="_blank" class="" href="https://www.businessinsider.com/masayoshi-son-softbank-gambling-man-lionel-barber-technology-2024-9">Masayoshi Son.</a>Son was an early investor in Jack Ma's Alibaba and acquired European chipmaker Arm for $32 billion in 2016. He's going <a target="_blank" class="" href="https://www.businessinsider.com/softbank-masayoshi-son-jack-ma-bet-ai-2024-2">all-in on AI</a>, with investments across the world — including <a target="_blank" class="" href="https://www.businessinsider.com/softbank-results-profit-masayoshi-son-ai-bets-ipo-vision-fund-2024-11">in OpenAI</a>.During the summit, Huang laughed with and hugged Son. The Nvidia cofounder reminded audiences that SoftBank was once his <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-stock-price-softbank-reportedly-plans-to-sell-its-stake-in-the-chipmaker-2018-12">largest shareholder</a> and that Nvidia would "not be here today" if not for Japan and its first AI supercomputer.Last month, Nvidia hosted a similar<a target="_blank" class="" href="https://www.businessinsider.com/jensen-huang-nvidia-ai-jobs-replace-summit-mumbai-2024-10"> AI summit in Mumbai </a>where Huang met with Indian conglomerate leader Mukesh Ambani to discuss the "extraordinary opportunity" AI poses for India.

SoftBank is Nvidia's first Blackwell chips customer. Here's what they're going to be used for.

There is no respite for <keyword id="163404" type="General" weightage="20" keywordseo="softbank" source="Orion">SoftBank</keyword> <keyword id="45472" type="General" weightage="20" keywordseo="group" source="Orion">Group</keyword> in the ongoing global tech meltdown as the <keyword id="6373366" type="General" weightage="20" keywordseo="japanese" source="Orion">Japanese</keyword> <keyword id="6355120" type="General" weightage="20" keywordseo="investment" source="Orion">investment</keyword> giant on Tuesday reported a massive around $5.9 billion net loss in its third quarter that ended December 31. SoftBank said it lost around $5.5 billion in its signature Vision Funds alone in the October-December period, "reflecting declines in the share prices of a wide range of portfolio companies". The investment giant had lost $10 billion in the previous quarter (July-September 2022). According to the company, the fair value of its current late-stage portfolio is now more than $37 billion. On its earnings call with analysts, SoftBank said it's in the "defence mode". For the first time in decades, Masayoshi Son, founder and chief executive of SoftBank Group, skipped the analysts' call. According to <keyword id="105784" type="General" weightage="20" keywordseo="the-financial-times" source="Orion">The Financial Times</keyword>, at December-end, SoftBank said the fair value of the $100 billion Vision Fund I was down 4.4 per cent from a year earlier. The valuation for investments in Vision Fund II was down 6.2 per cent. SoftBank said it's taking a "cautious approach" to investing in the blockchain and crypto sector. Battered by heavy losses, SoftBank in September last year announced to lay off at least 30 per cent of employees at its loss-making Vision Fund. In August, SoftBank Group revealed plans to sell nearly 242 million American depository receipts (ADRs) of Chinese behemoth Alibaba, which will help it gain 4.6 trillion yen ($34 billion) in pre-tax gain from the sale. Investment bank Jefferies had predicted that SoftBank would need "$40-45 billion of cash this year" if it were to sustain. Son had warned unicorns and startups to prepare for a harsh and longer funding winter. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/k-satyanarayana-raju-appointed-as-new-md-ceo-of-canara-bank/articleshow/97691108.cms">K Satyanarayana Raju appointed as new MD &amp; CEO of Canara Bank</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sebi-returns-ipo-papers-of-fairfax-backed-go-digit-general-insurance-co-to-refile/articleshow/97691075.cms">Sebi returns IPO papers of Fairfax backed Go Digit General Insurance, co to refile</a>

SoftBank Group reports massive $5.9 billion net loss amid global tech meltdown

<ul class="summary-list"><li>Tech conglomerate and investor SoftBank has lost $14.4 billion so far on WeWork.</li><li>The office-sharing firm filed for bankruptcy earlier this week.</li></ul>SoftBank has lost a cumulative $14.4 billion through <a target="_blank" href="https://www.businessinsider.com/weworks-nightmare-ipo">its disastrous bet on the now-bankrupt WeWork</a>, per the group's July-September earnings.The technology group posted a loss of $1.5 billion (¥234.4 billion) in the first half of 2023 relating to its stake in the office-sharing company, which <a target="_blank" href="https://www.businessinsider.com/wework-files-for-bankruptcy-chapter-11-commercial-real-estate-reckoning-2023-11?r=US&amp;IR=T">filed for Chapter 11 bankruptcy</a> earlier this week. Its total loss could go higher.SoftBank overall posted a loss of $6.2 billion (¥931.1 billion) for July to September, compared a profit of $20 billion the same period last year.It's a stark turnaround.Fuelled with conviction from SoftBank founder Masayoshi Son and billions in investment, WeWork sailed to <a target="_blank" href="https://www.businessinsider.com/wework-valuation-falls-47-billion-to-less-than-3-billion-2020-5">a colossal $47 billion valuation at its peak in 2019.</a> Another SoftBank executive predicted the firm <a target="_blank" href="https://www.businessinsider.com/wework-wants-to-raise-money-at-35-billion-valuation-softbank-says-2018-6?r=US&amp;IR=T">would reach $100 billion.</a>This bullishness and the relationship between Son and WeWork's founder and then-CEO Adam Neumann raised eyebrows.Neumann once said Son <a target="_blank" href="https://www.nytimes.com/2019/11/02/business/adam-neumann-wework-exit-package.html">"appreciated how he was crazy" but thought that he "needed to be crazier."</a>Neumann also claimed that Son likened him to <a target="_blank" href="https://www.businessinsider.com/inspiring-life-story-of-alibaba-founder-jack-ma-2017-2">Jack Ma</a>, the Chinese billionaire founder of Alibaba. Son himself became a billionaire thanks to betting on Ma and Alibaba.<div type="image" title="adam neumann" height="1335" width="2000" msid="105101240" hostid="261"></div>But Neumann failed to reach the equivalent heights. WeWork <a target="_blank" href="https://www.businessinsider.com/wework-ipo-fiasco-adam-neumann-explained-events-timeline-2019-9?r=US&amp;IR=T">struggled towards an IPO</a>, hampered by doubts over Neumann's direction and the core business model. Neumann stepped down and the firm did eventually go public via a SPAC merger. But pandemic lockdowns and a reversion to working from home weakened the business further.After <a target="_blank" href="https://investors.wework.com/news-and-events/press-releases/financial-releases-details/2023/WeWork-Takes-Strategic-Action-to-Significantly-Strengthen-Balance-Sheet-and-Further-Streamline-Real-Estate-Footprint/default.aspx">filing for Chapter 11 bankruptcy</a> on Monday, WeWork has entered a restructuring process with lenders.For Son, the WeWork saga has been a deeply embarrassing one. Even after WeWork's original botched IPO, the CEO was insistent that WeWork could be profitable during <a target="_blank" href="https://www.businessinsider.com/softbank-ceo-masayoshi-son-turnaround-presentation-slides-wework-2019-11?r=US&amp;IR=T#but-if-it-is-successful-heres-how-he-thinks-weworks-profits-will-look-10">a presentation</a>. At one point, he showed a <a target="_blank" href="https://i.insider.com/5dc3f6d73afd371ed2719073?width=700&amp;format=jpeg&amp;auto=webp">chart</a> depicting never-ending growth in gross profit over an undefined period of time.

SoftBank has lost more than $14 billion by betting on WeWork

<ul><li>SoftBank Group reported a record $8.9 billion net loss for the last financial year ended March 2020. </li><li>The Softbank Vision Fund had $75 billion invested in 88 startups but they were worth 7% less in value at the end of March.</li><li>The operating loss, before adding interest and tax, was $13 billion compared to a profit of $19 billion a year earlier.</li></ul>SoftBank Group reported a record $8.9 billion net loss for the last financial year ended March 2020 and this had a lot to do with falling valuations of <keyword id="357983" type="PERSON" weightage="20" keywordseo="Masayoshi-Son">Masayoshi Son</keyword>'s marquee investments in Uber and WeWork. The Softbank Vision Fund had $75 billion invested in 88 startups but they were worth 7% less in value at the end of March. The operating loss, before adding interest and tax, was $13 billion at the end of March, compared to a profit of nearly 2 trillion yen ( about $19 billion) a year earlier. <table style="width: 212pt;"> </colgroup> <tbody><tr> <td class="xl64" style="height:15.0pt;width:126pt">Softbank Group</td> <td class="xl64" style="border-left-width: initial; border-left-style: none; width: 86pt;">FY20 loss</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Net loss</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">$8.9 billion</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Operating loss</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">$13 billion</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Loss from Softbank Vision Fund </td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">$17.7 billlion</td> </tr></tbody></table> This is the first time in 15 years Softbank posted a loss because of ‘the deteriorating performance of its tech bets’. WeWork, the US-based realty company went under last year as a cloud of dirt exploded from under the carpet at a time when the company was looking to file for an IPO. As its financials were questioned, the <a href="https://www.businessinsider.in/stock-market/news/we-were-kings-of-the-world-weworks-adam-neumann-fostered-a-culture-of-superiority-at-the-troubled-coworking-startup/articleshow/74227820.cms">value of WeWork dropped from $47 billion to $8 billion.</a> Another one of its biggest tech bets – Uber has been on a downtrend since its listing. The market value of one of the most hallowed startups of all time is down 21.9% since its listing on Nasdaq in May 2019. SoftBank announced its largest ever share buyback to prop up their value in March. Son has already pledged two of every five shares in Softbank as collateral for loans. Jack Ma leaves the board Till date, Son’s most paid-off bet is considered to be the Chinese giant Alibaba. And now, the billionaire founder of Alibaba, Jack Ma, is set to leave the SoftBank board to focus on philanthropy. This will be the most high-profile exit from the Japanese investment group. SEE ALSO: <a href="https://www.businessinsider.in/retail/e-commerce/news/new-amazon-walmart-competitor-is-yoga-guru-baba-ramdevs-patanjali-e-commerce-orderme-app/articleshow/75798948.cms">Amazon and Walmart's newest competitor in Indian e-commerce is a yoga guru turned entrepreneur with a mass appeal</a> <a href="https://www.businessinsider.in/business/startups/news/experts-warn-startups-against-raising-funds-by-selling-equity-during-covid-19/articleshow/75798419.cms">Startups who need money during COVID-19⁠— don’t sell your stake now, warn experts</a>

Softbank's $9 billion net loss last year has a lot to do with Uber and WeWork

<ul><li><keyword id="357983" type="PERSON" weightage="20" keywordseo="Masayoshi-Son">Masayoshi Son</keyword>, the founder and CEO of <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword>, and a long-time friend of <keyword id="302749" type="COMPANY" weightage="20" keywordseo="Alibaba">Alibaba</keyword> founder <keyword id="424838" type="PERSON" weightage="20" keywordseo="Jack-Ma">Jack Ma</keyword>, said that the Chinese crackdown on Alibaba is the same as anti-trust regulations that have existed since a long time in the US or European countries.</li><li>He said that in China, internet companies had a free hand, where they could do whatever they wanted.</li><li>The regulators in Beijing have cracked down upon Alibaba and Ant Group, and the companies Ma founded are currently facing an antitrust probe for alleged monopolistic practices.</li><li>Son said he also has been in touch with Ma but hasn’t talked about business.</li></ul>Masayoshi Son, the founder and CEO of SoftBank, and a long-time friend of Alibaba founder Jack Ma, today said that the Chinese government crackdown on Alibaba is the same as anti-trust regulations that have existed since a long time in the US or European countries. Whereas in China, according to Son, internet companies had a free hand, where they could do whatever they wanted. “In the US, Europe or Japan antitrust policy is something that’s already there. In financial business, there’s the banking law, securities law, there are many rules and regulations. Within this framework you operate your business in a healthy manner. As you see some incidents or accidents, you learn lessons from there,” Son said during the <keyword id="2582588" type="PERSON" weightage="20" keywordseo="SoftBank-earnings">SoftBank earnings</keyword> call. The SoftBank founder added that these rules are necessary to protect the citizens of China as internet companies become bigger. The regulators in Beijing have cracked down upon Alibaba and Ant Group, and the companies Ma founded are currently facing an <a href="https://in.reuters.com/article/china-antgroup/china-launches-probe-into-alibaba-for-suspected-monopolistic-behaviour-idUSKBN28Y05T">antitrust</a> probe for alleged monopolistic practices. Earlier in November 2020, Alibaba and Ant Group's $34 billion initial public offering (IPO) was suspended by the <a href="http://www.sse.com.cn/disclosure/announcement/general/c/c_20201103_5253315.shtml">Shanghai Stock Exchange</a>. Ant Group, touted to be the world’s biggest IPO, was scheduled for a dual listing on November 5 — on Shanghai and Hong Kong bourses and it was halted in China with less than 48 hours to go. Jack Ma, whose net worth is $60.7 billion, according to Forbes, was under scrutiny by the government of China, had not been seen in public for several weeks, until recently. On asked whether Son had had any communication with Ma, the SoftBank founder said that the Alibaba founder likes to draw and has been sending him drawings. “Before I go to bed, now I also draw but I haven’t shown them to him yet. We don’t always talk about business, we also talk about hobbies, or just send regards,” he said. SEE ALSO: <a href="https://www.businessinsider.in/business/news/indiamart-employees-hit-gold-founder-dinesh-agarwal-reveals-that-15-of-the-multi-bagger-stock-is-with-600-people-who-are-or-have-been-part-of-the-team/articleshow/80743945.cms">IndiaMart employees hit gold⁠— founder reveals that 15% of the multi-bagger stock is with 600 people who are, or have been, part of the team</a> <a href="https://www.businessinsider.in/tech/news/the-india-stack-that-bill-gates-and-sundar-pichai-so-love-is-set-to-get-much-bigger-thanks-to-the-indian-governments-new-blockchain-strategy/articleshow/80718403.cms">The India stack that Bill Gates and Sundar Pichai so love is set to get much bigger – thanks to the Indian government’s new blockchain strategy</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-9-pro-new-flagship-smartphone-expected-price-specification-and-launch-date-leaked/articleshow/80742720.cms">This could be the next OnePlus flagship smartphone</a>

Masayoshi Son says China's crackdown on Alibaba is nothing different than antitrust regulations in US or UK

<ul><li><keyword id="163404" type="COMPANY" weightage="60" keywordseo="Softbank">SoftBank</keyword>'s new asset management unit sank nearly $3.9 billion into some of the world's most popular <keyword id="552967" type="PERSON" weightage="60" keywordseo="tech-stocks">tech stocks</keyword>, according to an SEC <a href="https://www.sec.gov/Archives/edgar/data/1065521/000106299320004032/0001062993-20-004032-index.htm">filing</a> published Monday.</li><li>The Japanese conglomerate opened a $1.04 billion stake in Amazon, a $475 million position in Alphabet, and a $189 million stake in Netflix, among other market favorites.</li><li>The investments differ from SoftBank's previous strategy of investing in private startups. The company plans to invest at least $10 billion in stocks through its new arm, <a href="https://www.bloomberg.com/news/articles/2020-08-18/softbank-bets-3-9-billion-on-u-s-giants-from-amazon-to-tesla">Bloomberg</a> reported.</li><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestutm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurlutm_campaign=bodyurl">Visit the Business Insider homepage for more stories</a>.</li></ul>SoftBank's new asset management business has invested nearly $3.9 billion across some of the world's most popular stocks, according to a Securities and Exchange Commission <a href="https://www.sec.gov/Archives/edgar/data/1065521/000106299320004032/0001062993-20-004032-index.htm">filing</a> published Monday.The company opened positions in Amazon, Tesla, Alphabet, and Netflix shares, among other market giants, in its first set of purchases. SoftBank founder Masayoshi Son revealed the new asset management unit in an August 11 earnings call as part of his strategy to diversify investments in tech companies. The conglomerate previously focused on private companies over buying publicly traded stock.SoftBank aims to invest more than $10 billion in public companies, sources familiar with the plans told <a href="https://www.bloomberg.com/news/articles/2020-08-18/softbank-bets-3-9-billion-on-u-s-giants-from-amazon-to-tesla">Bloomberg</a>.Here are the 10 largest purchases made by SoftBank's new arm:<ol><li><a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>: $1.04 billion</li><li><a href="https://markets.businessinsider.com/stocks/goog-stock">Alphabet</a>: $475 million</li><li><a href="https://markets.businessinsider.com/stocks/adbe-stock">Adobe</a>: $249 million</li><li><a href="https://markets.businessinsider.com/stocks/nflx-stock">Netflix</a>: $189 million</li><li><a href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a>: $183 million</li><li><a href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a>: $181 million</li><li><a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a>: $123 million</li><li><a href="https://markets.businessinsider.com/stocks/shop-stock">Shopify</a>: $114 million</li><li><a href="https://markets.businessinsider.com/stocks/pypl-stock">PayPal</a>: $111 million</li><li><a href="https://markets.businessinsider.com/stocks/docu-stock">DocuSign</a>: $109 million</li></ol>Read more: <a href="https://www.businessinsider.com/genz-millennial-day-trading-investing-discord-server-eagle-investors-profile-2020-8">Inside Eagle Investors, the 20,000-member online community run by 2 Indiana University students that's helping spearhead the Gen Z day-trading revolution</a>The Japanese conglomerate took smaller stakes in companies including <a href="https://markets.businessinsider.com/stocks/sq-stock">Square</a>, <a href="https://markets.businessinsider.com/stocks/spot-stock">Spotify</a>, <a href="https://markets.businessinsider.com/stocks/okta-stock">Okta</a>, and <a href="https://markets.businessinsider.com/stocks/zm-stock">Zoom Video Communications</a>, according to the filing. Son has said before that SoftBank holds positions in Facebook and Apple, but neither company was represented in Monday's filing.The new stakes follow a slew of costly missteps for the conglomerate. SoftBank had to delay the opening of its second Vision Fund after soured stakes in WeWork, Wag, and other startups slammed investors' confidence in the company.Since then, the fund has bolstered SoftBank's bottom line after losing in the prior quarter. Vision Fund investments gained nearly $300 billion yen ($2.85 million) in the second quarter, according to the company's latest earnings report. SoftBank also touted a one-time windfall of more than 1 trillion yen ($9.5 billion) from its sale of <a href="https://markets.businessinsider.com/stocks/s-stock">Sprint</a> and shares of <a href="https://markets.businessinsider.com/stocks/tmus-stock">T-Mobile</a>.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-cryptocurrency-rally-hedge-assets-low-yield-inflation-hedge-2020-8-1029512830">Bitcoin flies above $12,000 to one-year high as investors search for yield</a><a href="https://www.businessinsider.com/economic-outlook-small-businesses-reopening-recovering-jobs-coronavirus-recession-goldman-2020-8">Small businesses only accounted for 18% of pandemic-driven job losses, Goldman Sachs says</a><a href="https://www.businessinsider.com/warren-buffett-barrick-gold-bet-shared-culture-structure-berkshire-hathaway-2020-8">Warren Buffett's bet on Barrick Gold isn't as strange as it looks. The miner models itself on Berkshire Hathaway.</a>

SoftBank piles $3.9 billion into surging market giants including Tesla, Netflix, and Amazon

<ul class="summary-list"><li><keyword id="48085" type="CITY" weightage="60" keywordseo="Credit-Suisse">Credit Suisse</keyword>'s risk chief Lara Warner is at risk of being replaced, Bloomberg reported.</li><li>The role of Brian Chin, CEO of its investment bank, is also reportedly under scrutiny. </li><li>Credit Suisse has been involved in both the <keyword id="11012164" type="UNKNOWN" weightage="60" keywordseo="archegos">Archegos</keyword> and Greensill crashes.</li></ul>Leaders at Switzerland-based Credit Suisse are discussing replacing chief <keyword id="5314403" type="POSITION" weightage="60" keywordseo="risk-officer">risk officer</keyword> Lara Warner, after the bank was caught up in several high-profile incidents, leading to large potential losses, <a href="https://www.bloomberg.com/news/articles/2021-04-04/credit-suisse-weighs-replacing-risk-chief-after-month-of-miscues?sref=RYMQ1oil">Bloomberg reported. </a>The outlet cited people briefed on the matter.Despite chief executive officer Thomas Gottstein's commitment to a clean slate in 2021, after a previous spying scandal at the bank, Credit Suisse has been one of the worst-performing major bank stocks in 2021.The recent collapse of Greensill, along with chaos at Archegos, has potentially left investors facing another quarter of losses.The role of Brian Chin, CEO of Credit Suisse's investment bank, is also under scrutiny, two of the sources told Bloomberg. They added that the bank is planning a review of its prime brokerage business, which is housed under its investment bank.Credit Suisse declined to comment.<div type="image" title="Credit Suisse" height="1328" width="1770" msid="81900161" hostid="261"></div>The bank was one of the main lenders to the Softbank-backed <a href="https://markets.businessinsider.com/news/stocks/softbank-backed-greensill-capital-preparing-to-file-for-insolvency-2021-3-1030144913">Greensill,</a> a supply-chain lender that was recently forced to file for bankruptcy. A $140 million collateralized loan to Greensill is now in default, although $50 million has been recently repaid by administrators, Bloomberg reported.This is essentially pooled debt that is taken to market via a single security. Investors receive scheduled payments from the loans but assume most of the risk in the event that borrowers default.The Swiss bank's asset management unit also ran a $10 billion group of funds with Greensill, which are being wound down.On Monday, the Swiss firm had $4.8 billion wiped from its market capitalization on Monday. Its shares tumbled as much as 14% when the bank <a href="https://www.credit-suisse.com/about-us-news/en/articles/media-releases/trading-update-us-based-hedge-fund-202103.html" target="_blank" rel="noopener">warned</a> it could suffer a major blow to its first-quarter profits after Archegos, a US-based hedge fund liquidated.It said the losses could be "highly significant and material" to its first-quarter earnings, due next month.Archegos, the family office of trader Bill Hwang, was forced to liquidate <a href="https://www.businessinsider.com/stock-market-wall-street-speculating-hedge-fund-liquidation-archegos-2021-3?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">more than $20 billion</a> of leveraged equity positions last week. The fire sale hammered stocks such as ViacomCBS and Baidu, and set off alarms at multiple Wall Street banks.The bank could face a loss of $3 billion to $4 billion, <a href="https://www.ft.com/content/073509cd-fe45-44d2-afac-cace611b6900" target="_blank" rel="noopener">the Financial Times reported</a>, citing two sources. The top end of that estimate would be almost triple its net income in the first quarter of 2020. From the Archegos trades, the <keyword id="6354778" type="ORGANIZATION" weightage="60" keywordseo="Banking">banking</keyword> sector could take a collective hit of up to $10 billion, <a href="https://markets.businessinsider.com/news/stocks/archegos-banks-10-billion-losses-liquidation-jpmorgan-nomura-credit-suisse-2021-3-1030260529">JPMorgan analysts have estimated.</a>Bloomberg noted that this is only adding to the scrutiny on management, after several other miscues at the investment bank and beyond, including exposure to the <a href="https://markets.businessinsider.com/stocks/lkncy-stock" title="Company Overview">Luckin Coffee Inc.</a> fraud.Gottstein is expected to remain CEO, the people told Bloomberg.The latest issues for the bank could also put its planned share buyback at risk, potentially pausing it for a second time, Bloomberg reported, as losses could threaten the bank's dividend distribution.Credit Suisse declined to comment on the potential fallout of the trades.

Credit Suisse is reportedly weighing the replacement of high-profile executives, including its risk chief, following Greensill and Archegos crises

<ul class="summary-list"><li>SoftBank's Vision Fund was meant to be the world's most powerful technology investor.</li><li>But the Saudi-backed fund reported full-year losses of $32 billion on Thursday.</li></ul>When SoftBank founder Masayoshi Son launched his <a href="https://www.businessinsider.com/inside-softbank-vision-funds-awful-year-former-employees-rival-vcs-2022-12">$100 billion Vision Fund</a> over half a decade ago, the economy was sunny, startups were being sprayed with money and a new technology-led era was on the horizon. At the time, he claimed to have <a href="https://www.businessinsider.com/13-slides-softbanks-vision-for-next-300-years-2017-10?r=US&amp;IR=T">a 300-year plan</a>. The Vision Fund, backed by <a href="https://www.businessinsider.com/saudi-arabia-45-billion-with-softbank-2018-10">tens of billions of dollars of sovereign wealth money</a> from the Gulf region, was meant to showcase the enormous might of technology companies, generating off-the-chart returns for investors by betting on founders with the verve to revolutionize society.That apparently took the form of <a href="https://www.businessinsider.com/wework-ceo-adam-neumann-bio-life-career-2019-8">WeWork's Adam Neumann</a>, the fantastical <a href="https://www.businessinsider.com/inside-story-what-went-wrong-softbank-backed-zume-pizza-2020-1">robot-pizza maker Zume</a>, and the <a href="https://www.businessinsider.com/softbank-gives-up-investment-dog-walking-startup-wag-2019-12">dog-walking app Wag</a>.But on Thursday, the Japanese conglomerate's technology investment unit reported a seismic $32 billion loss for its full year, as soaring interest rates, <a href="https://www.businessinsider.com/conscription-law-change-sign-russia-preparing-for-long-ukraine-war-2023-5">a raging war in Europe</a>, and a general economic malaise weighed on earnings. Son's ambitious, almost ludicrous, project may no longer be fit for purpose in a world that's returning to its senses. <h2>SoftBank symbolized tech excess</h2>Son, an eccentric CEO who has reportedly <a href="https://www.businessinsider.com/softbank-ceo-masayoshi-son-compares-himself-to-misunderstood-jesus-report-2020-5">compared himself to Jesus</a> and Yoda, has recognized for a while just how tough the economy has become. When the downturn was getting started, the SoftBank chief declared last year that he was going into <a href="https://www.businessinsider.com/softbank-12-billion-profit-defense-mode-repeat-losses-operating-profit-2020-8">"defensive mode."</a> His comment came after a pandemic software boom, which led to record profits for the company, went into reverse.In reality, this has meant slowing down spending. Filings show Vision Fund investments totalled just $3.1 billion for the year versus $44.3 billion the previous year. Investors at SoftBank also resisted the urge to bet big on tech fads such as the metaverse and Web3.But even defensive mode hasn't stopped SoftBank from getting pummeled. In the good times of cheap money, the Japanese firm came to symbolize all the excess that the market is now doing its best to excise. In filings, SoftBank noted that its losses were attributable to price drops across a whole range of its portfolio. <a href="https://www.businessinsider.com/doordash-show-customers-which-restaurants-price-gouge-2023-4">Rapid-delivery company DoorDash</a> and Chinese facial-recognition company SenseTime were two of many of its publicly held bets that experienced slides.Its <a href="https://www.businessinsider.com/late-stage-tech-startup-valuations-funding-economic-downturn-2022-2022-6">private holdings have not been immune either</a>, with unlisted companies in Vision Fund 2 contributing towards an overall, unrealized valuation loss in the second Vision Fund of $18.8 billion, filings show.Though SoftBank notes that 94% of the private companies in its portfolios have enough cash to survive the next year, several, such as HR firm Remote, <a href="https://www.businessinsider.com/remote-payroll-startup-cuts-100-jobs-2022-7">are making layoffs</a>. The Vision Fund itself has also laid off <a href="https://www.ft.com/content/204c5d76-f55c-405c-b17a-be61f1a083f8" target="_blank" rel="noopener">just under a third of its staff</a>. SoftBank Group, the holding company, is offloading swathes of its other valuable holdings to make up for heavy Vision Fund losses. This includes a treasured stake in Chinese firm Alibaba, which first made Son a billionaire during the dotcom boom, and an <a href="https://www.businessinsider.com/arm-ipo-faces-rough-ride-2023-brutal-downturn-weighs-listing-2023-1">IPO for chip firm Arm</a>.Son remains willing to speculate. During a press conference on Thursday, SoftBank's chief financial officer Yoshimitsu Goto said he "can't explain clearly how excited" Son is about the new <a href="https://www.businessinsider.com/most-promising-generative-artificial-intelligence-startups-according-vcs-venture-capital-2023-3">opportunities presented by AI</a> – tech's flavor of the moment. Son is right to see an opportunity in AI. The ChatGPT era of tech introduced by OpenAI is only just getting started. But hype also brings speculation and snake-oil salesmen, and the SoftBank boss will need to make learn from his mistakes and make smart moves here if he wants to preserve his 300-year vision.

SoftBank's founder compared himself to Jesus and Yoda. His tech fund lost a record $32 billion this year.

<ul><li><keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword> reported a loss of $17.7 billion in its investments under the Vision Fund 1, exceeding its own warnings of a $16.6 billion loss. </li><li>Out of 88 investments, SoftBank said it had marked down the valuations of 47 of them, pointing at a much wider decline in the industry. </li><li>However, Arm has retained its valuation during this bloodbath – Son says that the chipset maker is valued at $25 billion. </li><li>An early Arm IPO could end up saving the sinking Vision Fund, but Son had gone on record saying that the IPO would happen in 2023. </li></ul>The fabled <keyword id="4876172" type="PERSON" weightage="20" keywordseo="softbank-vision">SoftBank Vision</keyword> Fund 1 is sinking. During the fourth quarter earnings call on May 18, the group’s chief executive Masayoshi Son revealed that his flagship tech fund had suffered annual losses for the first time in the last 15 years. Out of the 88 companies that the SoftBank Vision Fund 1 has invested in, Son assumes that as many as 15 companies could go bankrupt, while 60 others could post average performance. That leaves 13 companies, which Son believes could end up being successful. British chipmaker Arm Holdings could be one among those 13 companies. In fact, Son considers Arm to be one of the important assets of his fund. And why won’t he – Arm’s shipments have been growing exponentially. “Going forward, Arm chips are going to be used more and more by Amazon. In fact, not only Amazon's AWS, but <keyword id="10387" type="CITY" weightage="20" keywordseo="Microsoft">Microsoft</keyword> Azure, VMware, and NVIDIA as well. More and more global companies have adopted Arm based-chip for their cloud servers and that's a global trend. So, the growth of Arm I have confidence,” Son said during the earnings call. <div type="Article" hostid="261" msid="75802047" title="SoftBank Vision Fund 2 fails to raise new funds ⁠— Masayoshi Son says the company will now use its own money for investments" mstype="2" mssubtype="0"></div>After dominating the smartphone industry, Arm has its sights set on the cloud and data centre sectors, expanding its scope exponentially. Amazon Web Services, the <a href="https://www.zdnet.com/article/the-top-cloud-providers-of-2020-aws-microsoft-azure-google-cloud-hybrid-saas/">current market leader</a> in public cloud services, has <a href="https://www.zdnet.com/article/aws-graviton2-what-it-means-for-arm-in-the-data-center-cloud-enterprise-aws/">announced</a> Graviton2 chipset based on Arm’s designs for its cloud infrastructure. According to SoftBank, Graviton2 is believed to be 65% faster than <keyword id="28115" type="CITY" weightage="20" keywordseo="Intel">Intel</keyword>’s Xeon <keyword id="748756" type="PERSON" weightage="20" keywordseo="chipsets">chipsets</keyword>, and could help save up to 40% of the cost. An early Arm IPO could save the sinking SoftBank Vision Fund Arm is <a href="https://asia.nikkei.com/Business/Companies/SoftBank-s-Son-says-ARM-Holdings-to-relist-within-five-years">reportedly</a> looking at an IPO in the next 5 years. However, that may make it difficult for SoftBank, <a href="https://www.washingtonpost.com/business/energy/time-for-softbank-toconsider-thatvision-fund-ipo/2020/05/18/d43d8678-98f6-11ea-ad79-eef7cd734641_story.html">which needs</a> at least $3 billion every year in just equity dividends. SoftBank reported its first annual loss in 15 years, posting a net loss of $894 million in FY2019. During the same period last year, it posted a net profit of $19.6 billion. This suggests SoftBank’s troubles go beyond just the COVID-19 crisis – it had to write down its investments in WeWork and Uber, resulting in a loss of $17.7 billion. To meet its requirements, the company is monetising its assets but that might only work out in the short term. Over the mid and the long-term, listing companies like Arm could be the answer to SoftBank’s troubles. SoftBank acquired Arm in 2016 for $32 billion. In 2018, it <a href="https://economictimes.indiatimes.com/news/international/business/softbank-sells-25-stake-in-arm-to-vision-fund/articleshow/57545552.cms">sold</a> 25% of the stake for $8 billion. In its latest earnings, the Japanese group revealed that its stake in Arm is valued at $25 billion, which implies an appreciation of $1 billion in the chipmaker’s value. With a healthy stake of 75% in his hands, Son has enough opportunity to retain control of Arm while monetising a part of his stake to save his flagship Vision Fund. Arm shipped 100 billion chipsets in the first 27 years – the next 60 billion came in 3 years Established in 1991, Arm has shipped more than 160 billion chipsets till date. The first 100 billion shipments took 27 years, while the next 60 billion came in just 3 years. According to the Q3 2019 earnings <a href="https://www.arm.com/company/news/2020/02/record-shipments-of-arm-based-chips-in-previous-quarter">posted</a> by Arm, its shipments rose to 6.4 billion, which it says is a new record. No wonder Son believes Arm is an important asset for SoftBank Vision Fund. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/masayoshi-son-top-ten-quotes-from-softbank-earnings-call/articleshow/75803776.cms">Top 10 scary quotes from Masayoshi Son during the SoftBank earnings call</a> <a href="https://www.businessinsider.in/stock-market/markets/news/masayoshi-sons-softbank-group-lost-6-billion-on-alibaba-shares-and-another-1-5-billion-on-uber-during-the-covid-19-crisis/articleshow/75802026.cms">SoftBank Group lost $6 billion on Alibaba shares and another $1.4 billion on Uber during the COVID-19 crisis</a> <a href="https://www.businessinsider.in/business/startups/news/wework-india-lays-off-20-staff-says-tough-step-needed-for-sustainable-structure/articleshow/75807031.cms">WeWork India lays off 20% staff, says tough step needed for sustainable structure</a>

Masayoshi Son says AWS and Microsoft will buy more chipsets from the SoftBank Vision Fund-backed Arm, and not Intel

<ul class="summary-list"><li><keyword id="302749" type="COMPANY" weightage="60" keywordseo="Alibaba">Alibaba</keyword> founder <keyword id="424838" type="PERSON" weightage="60" keywordseo="Jack-Ma">Jack Ma</keyword> and <keyword id="163404" type="COMPANY" weightage="60" keywordseo="Softbank">Softbank</keyword> CEO <keyword id="357983" type="PERSON" weightage="60" keywordseo="Masayoshi-Son">Masayoshi Son</keyword> send each other drawings to keep in touch.</li><li>Their friendship stretches back years, and both have served on the board of each other's companies.</li><li>Son said they've kept in contact amid Ma's Ant Group IPO bust and subsequent rumored disappearance.</li></ul>Alibaba founder Jack Ma and Softbank CEO Masayoshi Son send each other drawings as a way to keep in touch, Son said on an <a href="https://seekingalpha.com/article/4404301-softbank-group-corp-s-sftby-ceo-masayoshi-son-on-q3-2020-results-earnings-call-transcript">earnings call</a>on Monday.Son said they've kept tabs on each other as <a href="https://www.businessinsider.com/jack-ma-not-missing-alibaba-china-2021-1">reports have swirled surrounding Ma's rumored public disappearance</a> in recent months.He said their correspondence doesn't always involve business - Ma "likes to draw" and has sent Son "many drawings," the Softbank CEO said on the call. He said he responds to them with some bedtime artwork. "Thirty minutes or so, before I go to bed, I draw some drawings ...[and] show him," Son said.Ma and Son have kept a tight friendship over the years, <a href="https://www.businessinsider.com/jack-ma-steps-down-softbank-17-billion-loss-2020-5">with Son describing him</a> as "my friend and comrade in my life." He also said he and Ma would meet "face-to-face every month to have dinner" before the COVID-19 pandemic set in.Both have served on the board of each other's companies. Ma was a director at the Japanese investing giant for 13 years until <a href="https://www.businessinsider.com/jack-ma-steps-down-softbank-17-billion-loss-2020-5">he resigned last summer without explanation.</a>Son <a href="https://www.businessinsider.com/softbanks-son-leaves-alibaba-board-following-mas-departure-2020-6">left Alibaba's board in June 2020 as well</a> following Ma's departure. "It's not that there were disagreements," Son said in a general shareholder's meeting. "It is just a happy ending."Softbank poured $20 million into Alibaba in 2000, an investment that reaped major rewards for the firm. Softbank is Alibaba's largest shareholder, <a href="https://www.investopedia.com/articles/investing/111114/top-five-alibaba-shareholders.asp#:~:text=1.,it%20was%20a%20young%20startup.">holding a 25% stake</a> in the company, and <a href="https://www.bloomberg.com/news/articles/2020-07-17/softbank-quietly-sells-another-2-2-billion-of-its-alibaba-stake">sold a little over $2 billion</a> of that in June.Ma has had a tumultuous few months following the bust of his company <a href="https://www.businessinsider.com/what-happened-ant-group-ipo-jack-ma-alipay-2020-11">Ant Group's would-be record-breaking $37 billion IPO in November.</a> After publicly scoffing at <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>'s banking rules, officials summoned Ma to a regulatory meeting and introduced new micro-lending rules that disqualified Ant for a dual listing. China ended up pulling the IPO altogether.The country has since ordered Ant to <a href="https://www.businessinsider.com/china-orders-ant-group-change-business-return-payment-origins-2020-12">"return to its payment origins,"</a> and the fintech firm is currently w<a href="https://www.reuters.com/article/us-china-ant-group/ant-group-reaches-deal-with-china-regulators-on-restructuring-source-idUSKBN2A313Z">orking on a restructuring plan with China.</a>Read more: <a href="https://www.businessinsider.com/alibaba-antitrust-cloud-amazon-microsoft-google-big-tech-analyst-2020-12?r=kc-sub">China's antitrust probe into Alibaba could be an opportunity for other cloud players - including Amazon, Microsoft, and Google - to swoop in</a>China's <keyword id="15935" type="PERSON" weightage="60" keywordseo="Tech-companies">tech companies</keyword> at large have seen a tighter crackdown since last fall. <a href="https://www.businessinsider.com/alibaba-ceo-daniel-zhang-china-rules-timely-necessary-2020-11">The country announced new rules in November</a> that could prevent internet companies from holding too much market power. The regulations were designed to set stricter anti-competitive behavior guidelines.China announced in December that it was <a href="https://www.businessinsider.com/alibaba-antitrust-jack-ma-ant-group-beijing-regulators-2020-12">launching an antitrust investigation into Alibaba</a> over alleged monopolistic business practices.

Softbank CEO Masayoshi Son says he and Alibaba's Jack Ma send each other drawings to keep in touch

Hi, Aaron Weinman here. The largest US banks will reveal their second-quarter earnings this week.But before getting into that, today and Wednesday mark Amazon Prime Day. So if you're in the market for an air fryer or a pair of hideous Crocs flip flops, we've got you covered with <a href="https://www.businessinsider.com/guides/deals/amazon-prime-day-live-deals-2022-7-11">59 of this year's best deals</a>.<a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street">Sign up here to get 10 Things on Wall Street in your inbox.</a><a href="https://www.businessinsider.com/mike-kramer-ducera-restructuring-bankruptcy-investment-banking-2022-6"></a>1. JPMorgan and Morgan Stanley kick-off second-quarter bank earnings on Thursday. Weak mortgage lending numbers and the dearth of capital-markets activity will be scrutinized as rising rates and market volatility tame the appetite to transact.Investment banks boosted their earnings in recent years thanks to record-breaking activity in capital markets and M&amp;A, both of which thrived in a low interest-rate environment.But the script has flipped. The Federal Reserve is <a href="https://www.businessinsider.com/fed-rate-hike-june-fomc-decision-interest-rates-inflation-surging-2022-6">raising rates</a> in part to tamp down consumer spending. Investment-banking <a href="https://www.businessinsider.com/banker-jobs-as-investment-banking-fees-decline-1q-bank-earnings-2022-4">numbers have taken a hit</a> as rate hikes have made it challenging to get deals done.Corporate earnings, meanwhile, are expected to weaken. Startups' comfy <a href="https://www.businessinsider.com/fintechs-layoffs-job-cuts-tech-bubble-bursts-robinhood-2022-5">bubble has also burst</a> and loan defaults should rise next year, meaning that companies are reluctant to take on debt, according to data from Fitch Ratings. Global syndicated loan volumes totaled $2.14 trillion for the first half of 2022, a 21% dip on the same period last year, according to Refinitiv data.<a href="https://www.businessinsider.com/ecm-bankers-fear-job-cuts-ipos-spacs-equity-capital-markets-2022-3">Whispers of layoffs</a> have risen above water-cooler talk. Institutions like <a href="https://www.businessinsider.com/mortgage-layoffs-startups-to-wells-fargo-2022-5">JPMorgan and Wells Fargo</a> have <a href="https://www.businessinsider.com/wall-street-analysts-rough-road-ahead-wells-fargo-mortgage-business-2022-6">shed plenty</a> from their mortgage teams, while the slump in IPOs and SPACs have equity-capital-markets bankers brushing up their resumes.Renaissance Capital's <a href="https://www.renaissancecapital.com/IPO-Center/Stats">IPO index</a> is down 43% year-to-date, and <a href="https://www.axios.com/newsletters/axios-pro-rata-52e5f37a-2f21-4688-a6b7-8af5417eef0f.html?chunk=0&amp;utm_term=twsocialshare#story0">Axios reported</a> that equity-capital-markets bankers — who are responsible for arranging IPOs — might have to wait until next year to launch new deals.One banker told Insider that he expects to see cuts in capital markets after the Labor Day Holiday.Despite the slump in dealmaking, bankers who focus on advisory services are confident that deals will get done should conditions normalize. And then there's <a href="https://www.businessinsider.com/mike-kramer-ducera-restructuring-bankruptcy-investment-banking-2022-6">restructuring folks</a> who stand to benefit when companies under duress need to clean up their capital structures and balance sheets.Citi and Wells Fargo report on Friday, while Bank of America and Goldman Sachs round out the quarterly earnings on Monday, July 18.In other news:<a href="https://www.businessinsider.com/miami-real-estate-investment-penthouse-worldcenter-2022-7"></a><div type="image" title="John Sandberg stands outside by a pool." height="2097" width="2797" msid="92829976" hostid="261"></div>2. John Sandberg, a Douglas Elliman real-estate agent, purchased a Miami penthouse with funds he pulled from the stock market. Here's why he thinks Citadel's relocation from Chicago will boost <a href="https://www.businessinsider.com/miami-real-estate-investment-penthouse-worldcenter-2022-7">Miami's real-estate market</a>.3. As dealmaking cools off, banks face billions in "hung debt," according to Bloomberg. Bank of America, Credit Suisse, and Goldman Sachs could each face <a href="https://www.bloomberg.com/news/articles/2022-07-09/why-banks-face-billions-in-hung-debt-as-deals-cool-quicktake#xj4y7vzkg?sref=ipW5reFz">a $100 million hit on one financing deal</a>.4. Morgan Stanley has named new global co-heads of investment banking, Reuters <a href="https://www.reuters.com/business/finance/morgan-stanley-names-new-co-heads-investment-banking-memo-2022-07-11/">reported</a>. The bank's current heads of investment banking, Mark Eichorn and Susie Huang, have been elevated to executive chairs of the division, <a href="https://www.bloomberg.com/news/articles/2022-07-11/morgan-stanley-taps-veteran-dealmakers-to-run-investment-banking?utm_medium=email&amp;utm_source=newsletter&amp;utm_term=220711&amp;utm_campaign=author_17510379&amp;sref=ipW5reFz">Bloomberg first reported</a>.5. Bill Ackman is returning the $4 billion he raised for his record-breaking SPAC to investors. In a letter to Pershing Square Tontine Holdings shareholders, Ackman said the rapid economic recovery from the COVID pandemic disrupted attempts to find a <a href="https://www.cnbc.com/2022/07/12/bill-ackman-to-wind-up-spac-return-4-billion-to-investors.html">suitable target company to take public through a merger</a>. 6. A Facebook Marketplace scam uses fake Zelle emails to trick users into sending money. One seller who fell for it said he was out $300 and warned others to <a href="https://www.businessinsider.com/facebook-marketplace-scam-uses-fake-zelle-emails-to-trick-sellers-2022-7">look closely at details</a>. When customers say their money was stolen on Zelle, banks often refuse to pay, according to this report from the <a href="https://www.nytimes.com/2022/06/20/business/zelle-money-stolen-banks.html">New York Times</a>.7. SoftBank-backed Remote is cutting 10% of its staff. The onboarding startup was valued at almost $3 billion during its last funding round. It cited economic uncertainty and a focus on more sustainable growth as <a href="https://www.businessinsider.com/remote-payroll-startup-cuts-100-jobs-2022-7?nr_email_referer=1&amp;utm_source=Sailthru&amp;utm_medium=email&amp;utm_content=10_things_tech&amp;utm_campaign=Post%20Blast%20sai:%20Inside%20Twitter%20as%20Elon%20Musk%20nixes%20deal%20to%20buy%20company&amp;utm_term=10%20THINGS%20IN%20TECH%20SEND%20LIST">reasons for laying off nearly 100 workers</a>.8. The founders of Three Arrows Capital are not cooperating with liquidators. The bankrupt crypto hedge fund defaulted on a $670 million loan and its founders' <a href="https://markets.businessinsider.com/news/currencies/three-arrows-3ac-founders-not-cooperating-liquidators-crypto-crash-bankruptcy-2022-7">whereabouts are unknown</a>.9. Claira, a startup using AI to parse through financial contracts, just scored funding from Citi's strategic investment arm. Here's the 14-page pitch deck that <a href="https://www.businessinsider.com/pitch-deck-claira-fintech-ai-machine-learning-financial-contracts-tools-2022-7">sold the US lender on Claira</a>.10. Accountants and consultants working at the "Big Four" firms rake in six-figure salaries and can pocket healthy bonuses too. Here's how much folks from <a href="https://www.businessinsider.com/salary-of-consultants-accountants-big-4-deloitte-kpmg-ey-pwc-2020-7">Deloitte, PwC, KPMG, and EY make</a>.Done deals:<ul><li>Partners Group <a href="https://www.partnersgroup.com/en/news-views/press-releases/investment-news/detail/article/partners-group-acquires-a-majority-stake-in-budderfly-further-accelerating-the-growth-of-the-most-comprehensive-energy-as-a-service-provider-in-north-america/">acquired a majority stake</a> in Energy-as-a-Service provider Budderfly. The private-equity firm also committed more than $500 million in growth capital as part of its investment.</li><li>Canada Pension Plan and Investment Board <a href="https://www.bloomberg.com/press-releases/2022-07-07/cpp-investments-invests-us-334-million-in-colombian-food-retailer-d1?sref=ipW5reFz">has invested $334 million</a> in Latin American discount food retailer D1. The Canadian firm will own a 19.3% stake in D1.</li></ul>Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Weak investment-banking numbers, and gloomy mortgage outlooks weigh on banks' second-quarter earnings

SoftBank is in a "<a href="https://www.businessinsider.com/softbank-ceo-masayoshi-son-turnaround-presentation-slides-wework-2019-11">rough sea</a>" - or at least, that's how its CEO, Masayoshi Son, describes it. That may be putting it lightly - SoftBank Group this week reported a <a href="https://markets.businessinsider.com/news/stocks/softbank-ceo-masayoshi-son-said-we-created-a-monster-in-wework-ft-says-2019-11-1028658863">$6.4 billion quarterly operating loss</a> thanks to massive writedowns on WeWork, Uber, and other investments by SoftBank and its Vision Fund. And as we're reporting, the factors creating this storm are not unique to the high-profile IPO implosion (and subsequent bailout) at WeWork. Just this morning, we published a <a href="https://www.businessinsider.com/softbank-backed-fair-struggled-after-explosive-growth-say-insiders-2019-11">deep dive from Meghan Morris into Fair,</a> the auto rental startup that raised $385 million in a December Series B round led by SoftBank's Vision Fund.Meghan talked to company insiders who told us how Fair's breakneck growth meant it lost track of millions of dollars in inventory as it burned through funding. And speaking of rough seas, insiders told us that Fair's co-founder and now ex-CEO often used sailing analogies to explain his vision.SoftBank has stepped in at Fair with an extra $25 million and installed an interim CEO. Fair meanwhile has laid off hundreds and is reevaluating its business model. It's worth mentioning that Fair bought Uber's money-losing leasing program this January as Uber was gearing up to go public. That brings us to another big source of pain for SoftBank. Uber's stock suffered a one-two punch this week. On Monday <a href="https://markets.businessinsider.com/news/stocks/uber-stock-price-falls-after-3q-earnings-1-billion-loss-2019-11-1028660561">Uber reported a $1.1 billion third-quarter loss</a> and its shares tumbled 10% the next day. On Wednesday, the <a href="https://markets.businessinsider.com/news/stocks/uber-stock-price-post-ipo-lockup-value-lowest-since-2015-2019-11-1028665630">expiration of its post-IPO lockup</a> allowed investors and employees to cash out, and its shares tanked another 4% to mark a record low.Still, Uber CEO Dara Khosrowshahi dangled the goal of the 10-year-old company reaching profitability (on an adjusted EBITDA basis) by full-year 2021, and on the earnings call pledged to be "disciplined and efficient " with capital. Just a few day earlier, smaller rival Lyft, which was founded in 2012, said it would deliver positive <a href="https://markets.businessinsider.com/news/stocks/lyft-expects-profitability-a-year-ahead-of-schedule-stock-surges-2019-10-1028620561">adjusted EBITDA</a> by Q4 2021. Financial discipline and sustainability are terms that popped up a lot this week. On Thursday, we <a href="https://www.businessinsider.com/read-wework-lays-out-five-year-plan-priorities-in-leaked-memo-2019-11">published an internal memo</a> to WeWork's staff from its new chairman Marcelo Claure (who's also SoftBank's COO) laying out the coworking company's priorities for the next five years. No sailing comparisons, but it opened with an anecdote about Claure's recent New York City Marathon run and mentioned sustainable growth twice (the word "profit" did not appear.) WeWork this week also released a <a href="https://www.businessinsider.com/wework-presentation-has-numbers-critics-say-should-have-been-ipo-2019-11">49-slide investor presentation,</a> and a "key principle" it flagged was prioritizing "disciplined growth with profitability."We've written plenty already about insiders concerned about bloated valuations and wide losses. And this week, we added another voice to the mix. Our hedge fund reporter, Bradley Saacks, attended the Greenwich Economic Forum on Tuesday, where billionaire Bridgewater founder <a href="https://www.businessinsider.com/ray-dalio-built-his-corporate-culture-like-his-investment-strategy-2019-11">Ray Dalio</a> told the crowd that years of ultra-low interest rates that sent investors scrambling for yield has created an environment where companies <a href="https://www.businessinsider.com/ray-dalio-says-comments-on-interest-rates-and-corporate-earnings-2019-11">"sell dreams instead of earnings.</a>"Against this backdrop there's still plenty of VC appetite on the proptech front, where our real estate reporter, Alex Nicoll, had a busy week covering another flurry of fundraisings. More links below, but one was real estate data company <a href="https://www.businessinsider.com/softbank-portfolio-company-reonomy-raises-60-million-2019-11">Reonomy's $60 million Series D</a>. SoftBank Capital had made earlier bets on the company, but didn't partake this time around. The latest funding was led by SaaS-specialists Georgian Partners, and other investors included bank venture arms Wells Fargo Strategic Capital and <a href="https://www.businessinsider.com/citi-ventures-vc-need-for-speed-softbank-funding-era-2019-7">Citi Ventures.</a> I'll wrap up with two JPMorgan hiring stories from Shannen Balogh. JPMorgan's commercial bank has hired four execs away from Silicon Valley Bank <a href="https://www.businessinsider.com/jpmorgan-hires-silicon-valley-bank-execs-venture-capital-coverage-team-2019-11">for a new coverage team </a>to manage VC relationships alongside middle-market bankers in groups with names like "technology and disruptive commerce." Meanwhile, it also appears JPMorgan's consumer and community banking arm is building a<a href="https://www.businessinsider.com/jpmorgan-job-posting-for-a-recession-readiness-team-shows-how-the-bank-is-preparing-for-a-possible-downturn-2019-11">"recession readiness team."</a> We know there's still plenty of unpacking to do when it comes to the web of money and influence that ties back to SoftBank. As always, we're eager to hear your feedback on the coverage, and to learn what you'd like to see more of! Have a great weekend, Meredith <h3>Citi is targeting big markets like Seattle and Dallas as battlegrounds to snatch deposits from rivals like JPMorgan Chase and Bank of America</h3>In its bid to win more consumer deposits and grow revenues in the US, Citigroup is targeting new territory for expansion.On the list are cities across roughly a dozen states outside Citi's current retail bank footprint where it has large caches of credit-card customers and ATMs.Citi's push into new banking markets like Washington, Texas, and Minnesota, laid out by US consumer banking chief Anand Selva at a financial conference on Tuesday, may include a "light physical presence" with new storefronts.<a href="https://www.businessinsider.com/citigroup-targets-cities-seattle-and-dallas-for-retail-deposit-push-2019-11">READ MORE HERE »</a><h3>Merrill Lynch just overhauled client-retention incentives for retiring advisers. An internal memo said it will hike payouts and subsidize handovers starting in 2021.</h3>Merrill Lynch is sweetening the pot for financial advisers primed to retire in the coming years and boosting incentives for remaining colleagues to pick up their clients. The firm is bumping up its payout rate for its senior consultants - meaning veteran advisers - regardless of production levels, by up to 75 percentage points. But the updated payouts to retiring advisers, which they get for five to seven years based on how much business they've brought in, don't go into effect until November 2021, meaning they have to hang around at least that long to take advantage.Merrill will also subsidize 20% of the cost to the inheriting adviser, meaning the remaining adviser has the chance to be fully credited for revenues from their new book more quickly, particularly if they grow the business more themselves.<a href="https://www.businessinsider.com/bank-of-america-merrill-lynch-wealth-management-changes-2019-11">READ MORE HERE »</a><h3>Green Dot's bread-and-butter businesses have been undercut by VC-backed neobanks. It's turning to techy partnerships with the likes of Uber to restart growth.</h3>It seems everyone wants to be a bank these days, or at least do bank-like things. There are the obvious players like challenger banks, digital wealth managers, and payment processors.Then, there are some less-expected entrants, like ride-hailing giant Uber, or global retail chain Walmart. Green Dot, a bank known for its prepaid debit cards, has seen that long-standing business come under pressure and its stock has lost roughly have of its value this year - its execs have blamed a loss of active accounts on a rush of VC cash into digital banks. Now, it's leaning more on partnerships with companies that want to offer their own bank-like services without the hassle of actually being a bank. <a href="https://www.businessinsider.com/meet-green-dot-the-bank-behind-uber-and-walmarts-recent-financial-plays-2019-11">READ MORE HERE »</a><h3>Goldman Sachs' new CTO shares his strategy for attracting outside developers to work more closely with the bank, giving a glimpse into the future of how Wall Street will work</h3>That's at least how Atte Lahtiranta, the Wall Street firm's new chief technology officer, is thinking about his new role, he said in an exclusive interview with Business Insider. Lahtiranta, introduced as the incoming chief technology officer in September, joins the firm after stints at Verizon's media group, Yahoo, and Nokia.Lahtiranta said his years of experience working in big tech taught him about the importance of wooing third-party developers. As chief technology officer, he will encourage his engineers to make it as easy as possible for outside developers to interact with the bank - treating them as some of the firm's "most valued customers." <a href="https://www.businessinsider.com/goldman-sachs-incoming-cto-atte-lahtiranta-interview-2019-11">READ MORE HERE »</a><h3>Some cannabis stocks now have the green light from US wealth managers like Morgan Stanley, Merrill Lynch, and Wells Fargo. We have details on firms' policies.</h3>Financial advisers at some of the biggest US wealth managers are slowly opening their doors to <a href="https://www.businessinsider.com/latest-cannabis-business-news-2019-6">cannabis</a>.Wealth-management firms including <a href="https://www.businessinsider.com/category/wells-fargo">Wells Fargo</a>, <a href="https://www.businessinsider.com/category/merrill-lynch">Merrill Lynch</a>, and <a href="https://www.businessinsider.com/category/morgan-stanley">Morgan Stanley</a> have started permitting their clients to access some Canadian cannabis stocks, Business Insider has learned. In some cases across these firms, the client has to come to their adviser to ask about an investment, or the adviser has to seek approval from the firm before making a recommendation.The changes have come in recent months. Wells Fargo Advisors in August changed the way it responded to client queries about cannabis investments, while Merrill Lynch started allowing recommendations of cannabis shares with "buy" ratings after Bank of America launched research coverage on a group of cannabis companies in April.<a href="https://www.businessinsider.com/some-financial-advisers-allowing-clients-cannabis-shares-if-they-ask-2019-10">READ MORE HERE »</a><h3>The CEO of the exchange backed by Bank of America and Morgan Stanley sees 2 ways it can succeed where others have failed in disrupting an industry dominated by NYSE and Nasdaq</h3>The CEO of an upstart stock exchange vying for regulatory approval believes the low costs offered by the venue will help to break the tight grip of big players on the market - and he wants the firm to be an advocate for its members and their investors in Washington.<a href="https://www.businessinsider.com/members-exchange-names-jonathan-kellner-from-instinet-ceo-2019-2">Jonathan Kellner</a>, the CEO of the Members Exchange, told Business Insider the startup's selling point to the market was that its success would encourage incumbents to reconsider their approach to market-data fees and regulatory market-structure issues.The entire market, Kellner said, could stand to benefit from additional competition. That includes MemX's backers, which are some of the biggest names in banking and high-speed trading and would certainly appreciate seeing a drop in fees for trading and data. <a href="https://www.businessinsider.com/memx-exchange-ceo-stock-trading-nyse-nasdaq-2019-11">READ MORE HERE »</a><h3>The business of offering transparent hedge-fund-like strategies is booming, even as the hedge-fund industry itself struggles</h3>A receding tide is not sinking all ships for hedge-fund-like strategies.The $3.2 trillion subset of the asset-management space has had six straight quarters of investor outflows, according to the latest data from the industry tracker eVestment, with $77 billion more assets leaving hedge funds this year than going into them. Underwhelming returns compared with the market coupled with high fees have soured investors on the space they once clamored to get into. But some structures offering hedge-fund-like strategies are booming. Managed-account platforms, which let investors set up an individualized account with a manager, continue to grow, with BNY Mellon's HedgeMark platform, on which a hedge-fund manager runs a pool from a third-party investor who gets to customize the strategy, growing assets by nearly a third in the first half of this year to $21 billion. <h2>Fintech and proptech news</h2><ul><li><a href="https://www.businessinsider.com/facebook-vr-entrepreneur-brings-augmented-reality-commercial-real-estate-resonai-2019-11">Emil Alon sold his last startup to Facebook for $60 million. Now he's back with an augmented reality startup that turns buildings into digital "platforms"</a></li><li><a href="https://www.businessinsider.com/fintech-george-soros-pitch-deck-raise-15-million-2019-10">Here's the pitch deck that fintech dv01 used to nab $15 million from the likes of George Soros and Pivot Investment Partners. The startup's founder called it the easiest round he's ever raised.</a></li><li><a href="https://www.businessinsider.com/facebook-vr-entrepreneur-brings-augmented-reality-commercial-real-estate-resonai-2019-11"></a><a href="https://www.businessinsider.com/online-office-hub-squarefoot-raises-16-million-to-expand-its-flex-office-2019-11">Electronic trader DRW's venture arm is jumping into flex-offices by leading $16 million in funding for real-estate startup SquareFoot</a></li><li><a href="https://www.businessinsider.com/mortgage-tech-firm-raises-25-million-10-of-us-market-2019-11">Mortgage tech startup Snapdocs just raised $25 million from Fidelity's venture arm, Sequoia Capital, and Peter Thiel's Founders Fund</a></li><li><a href="https://www.businessinsider.com/ray-dalio-built-his-corporate-culture-like-his-investment-strategy-2019-11">Bridgewater founder Ray Dalio is sharing the apps behind the hedge fund's 'radical' culture with the public. They feature real-time employee ratings and a 'pain button.'</a></li></ul>

You Searched For "softbank group earnings" and got 12 results

SoftBank is Nvidia's first Blackwell chips customer. Here's what they're going to be used for.

Shubhangi Goel

SoftBank Group reports massive $5.9 billion net loss amid global tech meltdown

IANS

SoftBank has lost more than $14 billion by betting on WeWork

Hasan Chowdhury

Softbank's $9 billion net loss last year has a lot to do with Uber and WeWork

Sanchita Dash

Masayoshi Son says China's crackdown on Alibaba is nothing different than antitrust regulations in US or UK

Sanchita Dash

SoftBank piles $3.9 billion into surging market giants including Tesla, Netflix, and Amazon

Ben Winck

Credit Suisse is reportedly weighing the replacement of high-profile executives, including its risk chief, following Greensill and Archegos crises

Theo Golden

SoftBank's founder compared himself to Jesus and Yoda. His tech fund lost a record $32 billion this year.

Hasan Chowdhury

Masayoshi Son says AWS and Microsoft will buy more chipsets from the SoftBank Vision Fund-backed Arm, and not Intel

Rounak Jain

Softbank CEO Masayoshi Son says he and Alibaba's Jack Ma send each other drawings to keep in touch

Katie Canales

Weak investment-banking numbers, and gloomy mortgage outlooks weigh on banks' second-quarter earnings

Aaron Weinman

What went on inside SoftBank-backed Fair as it burned through cash - plus fresh proptech funding and JPMorgan's new VC coverage group

Meredith Mazzilli

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