Wednesday, May 18, 2022
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Arm to cut up to 1,000 jobs after $40bn Nvidia takeover called off | Business News

Arm, the UK chip designer, has revealed plans to cut between 12 to 15% of its global workforce – up to 1,000 staff.The company said the bulk of the proposed losses would be felt in the UK and US but it did not provide a geographical breakdown.
Arm said in a statement: “Like any business, Arm is continually reviewing its business plan to ensure the company has the right balance between opportunities and cost discipline.”Unfortunately, this process includes proposed redundancies across Arm’s global workforce.”

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Arm co-founder: Nvidia takeover was doomed to fail

The move follows hot on the heels of the $40bn takeover of Arm by US tech giant Nvidia being abandoned.
Arm’s owner, the Japanese conglomerate SoftBank, and the US firm pulled the plug last month after regulators on both sides of the Atlantic launched investigations.
The US Federal Trade Commission even launched legal action to block the deal.
The Times had reported that Arm employees would have shared a $1.5bn acquisition payout and retention bonus had the takeover gone through.However, co-founder Hermann Hauser, who is no longer with the company, claimed the deal would have resulted in thousands of UK job losses through the shift of headquarters to the US.

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