Japanese Banks in Turmoil: SoftBank Records $6.2 Billion Quarterly Loss Amid WeWork Woes and Tech Investment Challenges

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Japan’s SoftBank hit with $6.2B quarterly loss as WeWork, other tech investments go sour

Tokyo-based SoftBank loss totaled 931 billion yen ($6.2 billion) in the last quarter, a reversal from the 3 trillion yen profit it posted in the same period a year earlier.

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That has been highlighted by the troubles at WeWork, which filed for Chapter 11 bankruptcy protection this week amid turmoil in the U.S. commercial real estate market after the pandemic sent vacancies soaring in major cities like New York and San Francisco.

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