A source confirmed to CNBC of the bank’s restructuring plans for their venture capital fund, coming after news that the Chinese fund was hit with record losses of $17.2 billion for the June quarter.

Bloomberg reports that at least 150 of the 500 employees of Visions fund will be impacted by the layoffs.

SoftBank founder Masayoshi Son admitted in August to getting "over-excited" last year as companies in its portfolio experienced soaring valuations. Son says he feels embarrassed by his earlier over-reaction, saying the fund was “making big swings and couldn’t hit the ball”.

The company has backed a host of fintechs including Klarna, Revolut and Zopa.