SoftBank CEO ‘ashamed’ of pride in past profits as record losses prompt cost cuts

Japanese technology and investment group is seeking to float UK-based chip maker Arm

Softbank has reported a record quarterly loss of 3.1tn yen (19bn)after the global sell-off of tech stocks, prompting the embattled Japanese conglomerate to embark on a big cost-cutting drive.

Masayoshi Son, the chief executive of Softbank, said the company was to launch a dramatic" group-wide cost-cutting drive after a 7tn yen gain in investments made by its Vision Funds were almost completely wiped out over the past six months.