Deepti Sri · · 1 min readSoftBank-owned chipmaker Arm to cut up to 15% of jobs: report
Arm, a UK-based semiconductor company owned by SoftBank primarily focused on processor design, is reportedly planning to trim up to 15% of its workforce, Bloomberg reported.
In February, SoftBank halted its sale of Arm to US chipmaker Nvidia Corp, a deal that was valued at up to US$40 billion. The Japanese conglomerate will instead look to take Arm public.
Arm CEO Rene Haas reportedly said in a memo to staff that the company would lay off 12% to 15% of its staff in the UK and the US, amounting to nearly 1,000 jobs at the high end of the range. However, the job cuts are not expected to affect engineers.
Haas was named chief executive after the Nvidia deal fell through.
Arm said it is reviewing its business operations as it works to strike a balance between opportunities and cost discipline.
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Editing by Miguel Cordon and Eileen C. Ang
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