SoftBank in Talks to Sell Fortress After Logging Record Loss

SoftBank Group Corp. has begun talks to sell asset manager Fortress Investment Group, as the Japanese company grapples with record losses, its chief executive said on Monday.

The Japanese investment group will need to “drastically cut costs,” SoftBank founder Masayoshi Son told a news conference, after the company logged a record 3.16 trillion yen ($23.4 billion) net loss in the quarter ended in June. “We are strengthening our defenses,” Son said.