Japan’s SoftBank cuts borrowing from Mizuho, Goldman Sachs

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FILE PHOTO: Man looks at the logo of SoftBank Group Corp at the company's headquarters in Tokyo

By Sam Nussey

TOKYO – SoftBank Group Corp trimmed borrowing from its main bank Mizuho Financial Group Inc by 4.5% in the year ended March to 812 billion yen ($6.38 billion), a filing showed.

Borrowing by the Japanese tech conglomerate from JPMorgan Chase & Co fell 23% to 637 billion yen and from Goldman Sachs Group Inc fell 39% to 364 billion yen.

The disclosure ahead of the group’s annual general meeting on June 24 comes after SoftBank reported a record investment loss at its Vision Fund unit due to weakness in tech stock valuations.

Founder and CEO Masayoshi Son, whose annual remuneration was stable at 100 million yen, has pledged to “play defence” by cutting the pace of investments and preserving cash.

Chief Financial Officer Yoshimitsu Goto’s remuneration, including basic compensation, fell 39% to 293 million yen.

Mizuho’s Chief Executive Masahiro Kihara said the bank is “not worried at all” about SoftBank’s finances in an interview with Reuters last month.

($1 = 127.2100 yen)

(Reporting by Sam Nussey; Editing by Christopher Cushing)

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