(Bloomberg) -- 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.

The company is grappling with a sharp slide in global tech stock prices, which forced the company to write down the value of companies in its portfolio, including those of SenseTime Group Ltd. and Coupang Inc. 

SoftBank has been exploring options including a possible sale of Fortress, following the company’s inability to integrate its operations with its own Vision Fund team, people familiar with the matter have told Bloomberg News.  

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