Arm Ltd To Cut 12-15 Percent Of Its Workforce

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Most of the job losses would be in the UK and the United States, the company said

Following the fallout of its acquisition deal with Nvidia, UK-based chip company Arm Ltd has revealed that it is looking to to cut 12 percent to 15 percent of its workforce.

Most of the job losses would be in the UK and the United States, the company said.

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“Like any business, Arm is continually reviewing its business plan to ensure the company has the right balance between opportunities and cost discipline,” Arm told news agency Reuters in an emailed statement.

“Unfortunately, this process includes proposed redundancies across Arm’s global workforce,” the company said.

At the end of last year, it was revealed that Nvidia Corp’s anticipated $40 billion acquisition of ARM Ltd from SoftBank is likely to fall through as it failed to receive considerable approval to go ahead with the deal.

SoftBank and Arm are entitled to keep $2 billion Nvidia paid at signing, including a $1.25 billion breakup fee.

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